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Fri, 22 Nov 2019 05:20 GMT

Egypt Hits Highest Oil Production Record Ever in June

Business

7Dnews London

Tue, 11 Jun 2019 18:42 GMT

Egyptian Minister of Petroleum and Mineral Resources, Tariq Al-Mulla, announced his country's success in achieving the highest rate of production of oil wealth in its history; about 1.9 million barrels per day of crude oil and gas in June, the UAE state-run news agency WAM reported.

The achievement was announced during his meeting with the French Business Council in Paris, on the sidelines of his participation in the International Conference on Natural Gas in the Mediterranean, organised by the Mediterranean Energy Observatory in cooperation with the European Union.

Al-Mulla explained that the achievement of self-sufficiency and increase of local production of natural gas came after the implementation of 27 projects to develop natural gas fields.

The most important fields for energy production are: Zohr, West of the Nile Delta and Nawras and Atoll, with total investments of $21 billion, producing about 6.8 billion cubic feet of gas per day. This is in addition to production of barrels of condensate gas on a daily basis that have contributed to the increase of natural gas production locally. Production increased by 50% in 2018 compared to 2016. The rate is expected to multiply to 100% by next year.

The minister pointed out that 11 new projects are targeted to be executed to develop new gas fields, with an investment amount close to $15 billion till mid of 2022.


Middle East