Egypt plans to double oil and gas condensate production as US$4 billion refinery projects advance
The country's five-year energy strategy envisages higher oil production and refining capacity
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Photo source: 1715d1db_3 / iStock
Egypt intends to double its crude oil and gas condensate production over the next five years. At the same time, the country plans to implement six projects in the oil refining sector, with total investment exceeding US$4 billion. This was reported by Daily News Egypt, a TV BRICS partner, citing the Egyptian Presidency.
The six oil refining projects involve modernising existing refineries, increasing domestic production of higher-value petroleum products and reducing the country's expenditure on fuel imports.
Egyptian President Abdel Fattah El-Sisi instructed the government to provide additional incentives to international partners to expand exploration and field development, as well as to translate the oil sector's targets into specific programmes with measurable implementation indicators. In addition, the President called for a significant increase in the added value generated from Egypt's mineral resources and a greater contribution from the mining sector to the national economy.
Egyptian Minister of Petroleum and Mineral Resources Karim Badawi presented the President with a five-year strategy to increase production. It includes seismic surveys, the use of advanced technologies, the introduction of new contractual mechanisms and the development of discovered fields that have not yet been brought into operation. In addition to doubling oil and condensate production, the strategy aims to strengthen the country's position as a regional hub for petroleum products trading, gas liquefaction and exports.
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