Egypt con­sumes 275,000 tonnes of diesel per week: Ezz El Regal

Egypt’s crude oil pro­duc­tion in­creased to 661 bpd

The Daily News Egypt - - Energy -

Abed Ezz El Regal, head of the Egyp­tian Gen­eral Petroleum Cor­po­ra­tion (EGPC), said that the vol­ume of diesel con­sump­tion in the lo­cal mar­ket reaches about 275,000 tonnes per week in dif­fer­ent sec­tors of the coun­try, while pro­duc­tion reaches about 130,000 tonnes per week.

He added that most of the diesel pro­duc­tion is di­rected for the con­sump­tion of cit­i­zens and power plants that use diesel,along­side nat­u­ral gas in con­ven­tional sta­tions.

He stressed that se­cur­ing the sup­ply of en­ergy (petroleum prod­ucts and nat­u­ral gas) is the top pri­or­ity of the strate­gic ob­jec­tives of the oil sec­tor to meet the needs of dif­fer­ent eco­nomic sec­tors and serve the ob­jec­tives of sus­tain­able eco­nomic de­vel­op­ment, aimed at max­imis­ing the added value of Egypt’s oil wealth.

He pointed out that this year will see the en­try of a num­ber of oil and nat­u­ral gas fields into pro­duc­tion, which will have a pos­i­tive im­pact on in­creas­ing Egypt’s pro­duc­tion of oil and gas and re­duc­ing the gap be­tween pro­duc­tion and do­mes­tic con­sump­tion.

He added that the oil sec­tor is mov­ing in the right di­rec­tion, and an am­bi­tious plan is be­ing im­ple­mented to pro­vide the coun­try’s oil and gas needs through en­hanc­ing re­search and ex­plo­ration ac­tiv­i­ties, es­pe­cially af­ter sign­ing 83 oil agree­ments. This shows the scales of the petroleum sec­tor’s re­sponse to im­prov­ing the terms of the agree­ments.

He stressed the gov­ern­ment’s com­mit­ment to the re­pay­ment of for­eign part­ners’ en­ti­tle­ments and to pro­vide an at­trac­tive work en­vi­ron­ment to fa­cil­i­tate and de­velop busi­ness.

“Egypt will con­tinue to ap­pre­ci­ate the role of its part­ners,who have pro­vided a good ex­am­ple of ful­fill­ing their com­mit­ments and pro­grammes of work dur­ing the last pe­riod,” he said.

More­over, Ezz El Regal said that the com­ing pe­riod will wit­ness the in­ten­si­fi­ca­tion of work on in­creas­ing the pro­duc­tion of crude oil, as to­tal pro­duc­tion is ex­pected to reach reach 661,000 bar­rels per day (bpd) com­pared to 651,000 bpd now and will con­tinue to grad­u­ally in­crease un­til the end of the year.

He added that the plan to in­crease pro­duc­tion is based on new oil dis­cov­er­ies an­nounced re­cently, and in­creased in­vest­ments by for­eign com­pa­nies in the de­vel­op­ment of oil fields in the Gulf of Suez and the Nile Delta and con­ces­sion ar­eas be­long­ing to for­eign in­vestors.

This year will see the en­try of a num­ber of oil and nat­u­ral gas fields into pro­duc­tion

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