Egypt Aims to Double Oil Production, Invest $4 Billion in Refinery Projects
Egypt's oil and gas condensate production is set to double over the next five years, as part of a larger strategy to increase domestic production and reduce fuel imports. The country plans to implement six major refinery projects, with total investment exceeding $4 billion.
The Egyptian Presidency reported that President Abdel Fattah El-Sisi instructed the government to provide additional incentives for international partners to expand exploration and field development. This includes translating oil sector targets into specific programs with measurable implementation indicators.
Egyptian Minister of Petroleum and Mineral Resources Karim Badawi presented a five-year strategy to increase production, which involves seismic surveys, advanced technologies, new contractual mechanisms, and developing discovered fields that have not yet been brought into operation.