Arab Finance: The Egyptian General Petroleum Corporation (EGPC) has been exerting efforts that contributed to increasing crude oil production after a period of decline, bringing Egypt's total production to more than 540,000 barrels per day (bpd), Minister of Petroleum and Mineral Resources Karim Badawi said.
Badawi held a meeting to follow up on EGPC's activities and review solutions and proposed ideas to enhance operational efficiency and strengthen the petroleum sector’s performance.
He affirmed that these efforts supported exploration and production agreements with partners and investors, particularly in high-risk investment areas far from existing infrastructure, such as the Red Sea, the Western Mediterranean, and the southern Western Desert.
He also noted that ongoing work at the Cairo Oil Refining Company's gasoline complex is expected to add approximately 2,000 tons of gasoline per day by next August, contributing to a reduction in the import bill by about $70 million monthly.
The petroleum sector has succeeded in adding approximately 12,000 bpd of crude oil and condensates to the Western Desert's production over the past two weeks.
