ALBAWABA – Egypt is working on boosting oil production by 11 percent in 2023, up to 650 thousand barrels per day, compared to 587 thousand, Bloomberg reported Sunday.
Annually, Egypt consumes around 12 million tons of diesel and about 6.7 million tons of gasoline.
Boosting oil production will reduce the oil importation bill, which is a significant hard currency expenditure. Noting that Egypt is currently suffering from a severe shortage of foreign currency.
The increase is expected to come from a number of new fields and expansion projects mostly in the Gulf of Suez region, Bloomberg reported. As well as from investments by foreign partners.
Egypt established eight new oil exploration zones in January 2022, which were awarded to “Eni”, “BP”, Apex International, Energy Egypt, INANAFTA, Siptrol and United Energy companies.
Egypt seeks to become a regional energy center through gas liquefaction and re-export, Bloomberg added.
The country's current total natural gas production ranges between 6.5 and 7 billion cubic feet per day.
The Egyptian Ministry of Petroleum aims to increase the investments of foreign oil companies operating in the country to about $7.75 billion during the current fiscal year, according to Bloomberg.
