Egypt last saw a major boost to oil output in the eighties when production from the Gulf of Suez began ramping-up. It hopes to change that, with Abed Ezz El-Regal, head of state oil firm EGPC, telling local media outlet Amwal al-Ghad that oil output will rise to 720,000 b/d by the end of the current financial year in June 2020.
But it’s difficult to see where any extra output would come from. Oil output fell to 639,000 b/d for Q2, the lowest since 1Q 2018 (see chart). And the country’s top oil producer, US firm Apache, has clearly stated that it is planning on reducing activity and spending in Egypt this year (MEES, 8 March). (CONTINUED - 752 WORDS)