Oil Ministry Eyes Increase in Oil Output
The Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, said that the ministry will request foreign oil and gas investors to increase the number of oil wells in the Nile Delta concessions, with an aim of boosting the output to the level of about 1bcf/d, reported Al Borsa News.
The ministry is planning to increase the concession’s production gradually, aiming for the output of 770mcf by September, a 75% increase when compared to the concessions current production of 440mcf. The overall objective is to reach crude output of 1bcm by the first quarter of 2017.
The minister further explained that adding new wells will increase the concession’s productivity to cover 20% of annual domestic demand of petroleum products and other derivatives.