Economics

Oil minister: program to improve crude oil production, make more explorations

CAIRO – 20 February 2020: Minister of Petroleum Tarek el Molla said Thursday his ministry is carrying out a work program focusing on improving crude oil production, increasing output from existing wells and expanding exploration activities in concession areas.
Addressing the general assembly of Qarun Petroleum Company (QPC) to review its budgets for FY 2019/20 and FY 2020/21, the minister said increasing Egypt's oil output tops the ministry's priorities to bridge the gap between production and consumption.
He also said that the Western Desert tops the list of the most promising oil crude production areas, pointing out that more intensified exploration activities will be witnessed there to make use of chances available to increase the national oil reserve.
CEO of the company Ashraf Abdel Gawwad said a work program to increase output will be implemented by QPC in the second half of the current fiscal year, including drilling of eight new wells and two exploratory ones.



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