New oil discoveries lead to increased production in Egypt

The Energy and Environment Committee of the Egyptian Parliament discussed the results of oil agreements and investments in oil and gas exploration over the past three years.

The Deputy Minister of Petroleum of Egypt for Exploration and Agreements at the Ministry of Petroleum analyzed the research, exploration and exploration activities of the past three years and new discoveries resulting from agreements and investments, indicating that the number of wells that were drilled during this period, 298 wells, in as a result, 142 oil was discovered in 3 years, of which about 30% are oil wells, and the rest is gas, from 70 to 65% of new gas discoveries.

He said that 113 wells have been drilled this year and 42 wells have been successfully discovered, adding about 70,000 barrels of oil per day to Egyptian production, noting that two billion dollars worth of exploration investment is made annually, with the total investment is about 8 billion dollars.

He added that Egypt’s oil production has increased to 500,000 barrels per day and about 300 million barrels per year, and within 5 years it will reach one and a half billion barrels of production from the Western Desert, indicating that new discoveries have added 168 million barrels of oil to reserves. and 3 trillion cubic feet of gas.

He added that Egypt imports 200,000 barrels equivalent, about 20% of domestic consumption, and Egypt’s production reaches 6.5 billion units of gas per day, and the income from Egyptian gas exports this year is 8 billion in revenue or the volume of gas exports. .

And he announced 7 new tenders with international companies within 3 years, and 4 tenders this year for oil exploration and exploration only.

Source: Day Seven

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