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Egypt targets 3.8% growth in oil, condensates production in FY 2019/20 - Daily News Egypt

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Egypt targets 3.8% growth in oil, condensates production in FY 2019/20

Refining 3.6m tonnes of crude oil, gas production increases to 51.1m tonnes, says source


The Ministry of Petroleum and Mineral Resources aims to produce of 40.17m tonnes of oil and condensates during the current fiscal year (FY) 2019/20, compared to 38.7m tonnes last FY, a growth of 3.8%.

A government source told Daily News Egypt that the country targets crude oil production to reach 35.77m tonnes next year, and about 2.5m tonnes of condensates and 1.9m tonnes of butane.

He pointed out that the Ministry of Petroleum is seeking to refine 40.17m tonnes of crude oil during the current year, of which 36.5m tonnes in local refineries and the Middle East Oil Refinery (Midor).

Some 51.1m tonnes of natural gas will be produced, compared to 49.2m tonnes in the previous FY, a 3.9% growth after the Zohr mammoth field entered production, the source said.

He explained that the plan of the ministry aims to increase the production of crude oil and condensates to about 700,000 barrels per day during the current FY, compared to about 680,000 last FY, to help secure the needs of the local market of fuel products.

The source added that the Egyptian General Petroleum Corporation (EGPC) will launch a global bid to search for oil and gas by the end of this year, to increase the exploration operations in the different concession areas, and raise the rates of oil and gas production locally.

He pointed out that the EGPC is currently preparing areas to be offered for research and exploration for oil and gas in the Western Desert, the Gulf of Suez, and the Eastern Desert after obtaining approvals from the official authorities.

The source added that the number of targeted areas will put forward has not yet been determined and will range from 8 to 12 areas, mostly to search for crude oil.

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