Egypt’s 2019-20 financial year kicked off on 1 July and key firms have been presenting their results of the previous year, as well as plans for the current year to oil minister Tarek El Molla. Three key oil producing JVs, BP-led Gupco, in the midst of a takeover by Dubai’s Dragon Oil, which operates in the Gulf of Suez and Apache’s Western Desert focused Khalda and Qarun, were the most recent to map out their plans.
The three firms’ combined oil output of 255,000 b/d for the 2018-19 financial year is 40% of Egypt’s overall 644,000 b/d. Cairo hopes to raise oil output this year. Both the head of state oil firm EGPC Abed Ezz el-Regal and Mr Molla have made ambitious estimates in recent months that it could rise to 700,000 b/d by June next year, though with little evidence to back this up (MEES, 16 August). (CONTINUED - 800 WORDS)