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Petroleum Officials Cite Production Boost for Market Stability
A spokesperson from the Ministry of Petroleum clarified that recent data indicates that increased oil production, resulting from settling outstanding payments to foreign partners and adhering to schedules, has led to a noticeable improvement in meeting the needs of the local market. Exports have reached record levels, and Egypt's oil production has risen to its highest point in two years. He also pointed out that the rise in refinery operation rates to 80% enhances the ability to meet domestic demand and supports price stability. Additionally, a new project is being prepared using horizontal drilling technology for the Youm North-4 well in the Mediterranean Sea, aiming to produce around 80 million cubic feet of gas per day, as part of efforts to improve operational efficiency and reduce costs.
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