The Western Desert produces around 60% of Egypt’s crude oil output, Minister of Petroleum Tarek El Molla has said, Egypt Oil & Gas reports.
The recent discoveries in the Western Desert confirms that this region still has undiscovered resources, which will encourage international oil companies (IOCs) to increase their exploration and production (E&P) investments in the deep layers in sedimentary basins, the minister noted.
National oil companies are looking to increase their production figures during the upcoming financial year. Essam El Qaffas, head of Agiba Petroleum Company, revealed that maintenance operations on four wells at the Ashrafy field will increase its output by 3,500 barrels per day (b/d).
The company plans to increase production rates to a total 46,000 b/d of crude oil, and around 19 million standard cubic feet per day (mmscf/d) of natural gas in 2019/20. The company will expand in 55 wells and will conduct 250 maintenance operations.
The figures were revealed during the general assembly chaired by El Molla to review the company’s budget plans for fiscal year (FY) 2019/20.