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بوابة الفجر
Oil Official: Higher crude output shows ministry’s 2024 success
The Ministry of Petroleum reported that Egypt's crude oil production has reached its highest level in nearly two years, ranging between 520,000 and 550,000 barrels per day. This reflects the success of the ministry's strategy to stimulate investment and increase local production through settling outstanding payments to partners. The ministry's spokesperson confirmed that the increase is approximately 20% compared to the previous rate, and that this improvement resulted mainly from the country's commitment and the efforts of investors. It is primarily linked to onshore areas, which require less time for discovery and production compared to offshore gas wells. The spokesperson also emphasized that these results demonstrate a balance between crude oil and gas activities, with ongoing efforts to attract investments and advance exploration, development, and production activities.
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