The Minister of Petroleum and Mineral Resources, Tarek El Molla, held a meeting with the heads of the leading companies in terms of crude oil production in the petroleum sector: Petrobel, Khalda, Qarun, Badr El-Din, Agiba, and GUPCO, in order to follow up the implementation of crude oil production plans during the current fiscal year (FY) 2019/20.

El Molla highlighted the necessity of boosting crude oil production, which will have a positive impact on the Egyptian economy, noting that the ministry targets to increase the productivity to nearly 700,000 barrels per day during FY 2019/20, according to the ministry’ statement.

The Egyptian minister evaluated the performance of the six firms’ productivity and reviewed the work program for the remaining nine months of FY 2019/20, aiming to achieve the plan’s goals as well as the mechanisms that had been adopted for implementation.

El Molla pointed out that companies have to accelerate the execution of plans which focus on raising the production capabilities of crude oil, as well as the development of the new discovered wells and linking them to the production.