SEATTLE (Oil Monster): Egypt plans to boost efforts to significantly increase its domestic oil production. The country’s government targets to double crude oil production by 2030. The strategy is part of a five-year development plan, which focuses on using advanced drilling technologies and investment-friendly policies to boost energy production.
Egypt’s Petroleum and Mineral Resources Minister Karim Badawi said the country plans to expand the use of modern extraction methods to improve production from existing oilfields. The government is also planning to launch updated contract models to attract more investment into the petroleum sector.
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The production roadmap was discussed during a virtual meeting with the leadership of the Egyptian General Petroleum Corporation (EGPC). The meeting reviewed measures to improve operational efficiency and accelerate ongoing projects.
According to the minister, Egypt has made significant progress over the past two years by clearing outstanding financial obligations to energy companies. The new incentive measures have helped revive crude oil production and rebuild confidence in the country's energy sector.
Badawi also highlighted steady progress in natural gas development, especially in deepwater Mediterranean fields.
