Tarek El Molla, the Minister of Petroleum announced that the average crude oil production reached 630,000 barrels per day (b/d) and that the petroleum sector aims to reach 690,000 b/d by the end of this fiscal year (FY), Egypt Oil & Gas reports.
El Molla added that he has formed a working team under his own supervision to work on a program to increase Egypt’s petroleum production rate, by choosing a new geological method that was proven to be successful in the Western Desert and the Gulf of Suez.
El Molla stated that some areas in the Western Mediterranean have been assigned to international oil companies (IOCs) to explore new discoveries, especially after 2D and 3D seismic surveys have been performed on those areas.
Accordingly, an international bid round was held to explore oil and gas in the Red Sea area, with a deadline of September 15, which will attract IOCs.
Meanwhile, the international companies’ interest in this area will contribute in the intensifying the exploration and production (E&P) which will increase the production rate and fulfil the market demand.