Egypt targets increasing daily production of crude oil to hit 690,000 barrels by the end of the current year, Petroleum Minister Tarek el-Molla said on Monday. In a statement, the minister added that the average daily output currently stands at about 630,000 barrels. An action plan is being implemented to increase Egypt's oil production, el-Molla said. In this regard, new geological phenomena that have already proved successful are being selected, while new geological structures that have never been considered are being tested, he added. The minister said that newly-announced crude oil discoveries at Faghur Basin and Geisum in the Western Desert and the Gulf of Suez open new horizons for further discoveries in terms of targeting a surge in crude oil production similar to the recent increase in natural gas production. Also, some high potential areas in the western Mediterranean region have been assigned to major global companies that own cadres, expertise and modern technologies, he added. An international bid to search for oil and gas in the Red Sea region, planned to be closed on September 15, is witnessing a growing demand, el-Molla said. The petroleum sector always aims to develop new economic mechanisms that serve the interests of all parties and encourage international companies to invest more in the fields of research and exploration, he added. Source: MENA
