Egypt wants to bring to 690 000 b / d its production of crude oil and condensate, before end 2019

(Ecofin Agency) - Tarek El-Molla (photo), the Egyptian Minister of Petroleum, has just announced that the government is planning to increase the production of oil and condensate from 630 000 to 690 000 b / d.

This increase in production will be ensured by the entry into production, in a few weeks, new minor assets and especially the rise of some assets already in production.

It must be said that recently the government has set up a commission to draft proposals on how to rapidly increase oil production.

The country, which has become self-sufficient in natural gas, has introduced new tax incentives in the sector to attract upstream investment in order to stop downstream imports of petroleum products. It imports a large part of its fuel consumption. In addition, the refining capacity of its refineries is significantly lower than the ever-increasing demand.

In recent years, Egypt has been at the center of a natural gas rush in the eastern Mediterranean, following the discovery, in 2015, of the huge Zohr deposit by Eni. From now on, Cairo wants the same interest of the investors for the oil.

Olivier de Souza

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