Qarun Petroleum to Invest $238 M in 2019/20
The company will drill 25 development wells and 10 exploratory wells in FY 2019/20 and it plans to produce 41,000 barrels per day (b/d).
The company will drill 25 development wells and 10 exploratory wells in FY 2019/20 and it plans to produce 41,000 barrels per day (b/d).
The company is having an ambitious plan to produce around 1 bcf of natural gas and 1.8 million barrels of condensates, boosting the field's production to 3 billion bcf/d after all the phases are completed.
The output is expected to increase due to the growth of production in Giza and Fayoum fields.
The country produced between 520,000 and 550,000 tons of diesel via all its refineries in January, covering around 50% of the market's consumption.
Egypt is conducting four projects and adding them to production according to plans with total investments estimated at $27.2 billion.
The 11 E&P projects in the oil and gas field will be located in the deep waters of the Mediterranean Sea, the Gulf of Suez, Delta and the Western Desert.
The gas field's production increased around four times, reaching 3.1 bcm in the second half of 2018, compared to the first half's output.
Egyptian electricity production increased by 5.7% YOY in October 2018, recording 16.7 MWh compared to 15.8 MWh in October 2017.
Egypt’s diesel consumption fell by 12.54% YOY in October 2018, recording 1.039 million tons down from 1.188 million tons in November 2017.
The Egyptian oil and gas sector managed to boost production rates during the second half of 2018 to reach 665,000 b/d of crude oil and condensates, which covers around 75% of the local market's demands.