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Oil And Gas Rig Count Falls For Ninth Straight Week

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Egypt Plans To Boost Oil Production To 690,000 Bpd By Year-End

Egypt is looking to boost its crude oil and condensate production to 690,000 bpd by the end of the year from the current 630,000 bpd, Egyptian Petroleum Minister Tarek al-Mulla said this week.

Egypt—neither a member of OPEC nor a part of the non-OPEC group of producers in the OPEC+ coalition that restricts output to drain the glut and boost oil prices—has introduced new economic incentives to encourage more international investment in its oil exploration activities, Egypt Independent quoted minister al-Mulla as saying.  

Egypt has launched a bid round for oil and gas exploration in the Red Sea area, with application date deadline on September 15, the minister said.

The country has also formed a task force to draft proposals on how to quickly raise oil production, he added.  

In recent years, Egypt has been at the center of a ‘natural gas rush’ in the eastern Mediterranean after Italy’s major Eni discovered the huge Zohr field in 2015, claiming it was the largest ever gas discovery in the Mediterranean.

Following the start-up of the giant Zohr field in early 2018, Egypt became an important player in the Mediterranean. Zohr plays a key role in helping Egypt to avoid the need to import liquefied natural gas (LNG), according to the Italian energy major.

Egypt will return to being a gas exporter this year and wants to be a regional gas hub due to its strategic geographic position. It is also attracting international oil majors to its oil and gas sector.

Earlier this year, BP’s chief executive officer Bob Dudley said that the UK based supermajor had invested more in Egypt in each of the past two years than in any other country.

Egypt’s luck in geographical positioning and the much improved investment climate have led to an “astonishing gas renaissance” in the country, Wood Mackenzie’s Chairman and Chief Analyst, Simon Flowers, wrote in April last year.

By Tsvetana Paraskova for Oilprice.com

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  • Mamdouh Salameh on August 13 2019 said:
    Egypt under the leadership of President Abdul Fattah el-Sissi is having an energy renaissance. Not only it has created a good investment climate to encourage more international investment, it has also emerged as the energy hub of the Eastern Mediterranean. It has the third largest proven reserves of natural gas in Africa, gas pipelines, proximity to Cypriot, Israeli and eventually Lebanese gasfields, the only LNG export plants in the East Mediterranean and the re-emergence of interest in its gas potential by the oil supermajors like Shell, ExxonMobil BP an ENI.

    Now it is planning to boost its crude oil production from the current 615,000 barrels a day (b/d) according to the 2019 BP Statistical Review of World Energy to 690,000 b/d by the end of the year. That will almost make it self-sufficient in oil and reduce the budge deficit. Furthermore, Egypt will return to being a gas exporter this year.

    Still, Egypt stands a very good chance of discovering significant volumes of oil and gas in the Red Sea area with the flurry of applications it received for exploration.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London

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