#egyptproduced an average of 626,000 barrels per day (b/d) of crude oil and condensates in fiscal year (FY) 2016/2017, according to the Head of the Egyptian General Petroleum Corporation (EGPC), Abdel Ezz El Regal, Egypt Oil & Gas reports.
New discoveries enhanced Egypt’s #productioncapability, Ezz El Regal said, noting that 41 new #oiland #gas sites were discovered in FY 2016/2017. The discoveries consisted of 28 new #crudeoil sites and 13 new natural gas sites.
Production from the Western Desert comprised 55% of the total production and it is projected to rise to 670,000 b/d in FY 2017/2018, according to Ezz El Regal. He noted that #egpcsigned five exploration and production agreements (E&P) with a total #investmentvalue of $625 million. Of these five agreements, two are new #agreementsand three are #amendmentsto previous contacts. Altogether, Ezz El Regal said, international oil companies (IOCs) invested $5 billion in Egypt for E&P activities during FY 2016/2017.
EGPC also commenced operations outside of Egypt, acquiring a 10% share in #block9 of Iraq’s Faihaa oilfield and is in the process of acquiring a 15% share in Iraq’s Siba oilfield. #regrannfrom @energyb_online -