Ministry of Petroleum
Fuel prices in Egypt witnessed on Wednesday an increase ranging from 75 piasters to LE 1 per liter in the local markets, as per a decision issued by the Fuel Automatic Pricing Committee, the Ministry of Petroleum said in a statement.
Sisi highlighted the importance of this vision in helping the exploration of mineral resources nationwide.
The new discovery Abu Snan oilfield is expected to reach an output of about 18 million feet of gas and 4,000 barrels of crude oil per day.
This came during his participation in the general assembly meeting of Petro Shorouk Company.
The ministry attributed the decline in the value of exports from July to Sept. to the global decline in prices, despite the 2.1 increase in quantities exported.
The ministry announced putting Silva natural gas well in phase 9B of the deep western delta area in the Mediterranean on production, at 60-80 million cubic feet/day.
Petroleum Minister Tarek El Molla said the Petroleum Ministry targets increasing the daily crude oil to reach 700,000 in the current fiscal year 2019/2020.
Sources at the petroleum sector told Egypt Today that companies applying to the tender included Shell, ExxonMobil, Statoil, Dragon Oil, Russian Rosneft and Total France.
The Ministry of Petroleum said 10 exploratory wells were dug in the Western Desert and they went online in a record time with a daily average output of 5,000 oil barrels.
The ministry said in a statement that the two wells will be put on the map of production in 2020.
Ministry of Petroleum is expected to announce new prices of octane gasoline 95 in accordance with the automatic pricing mechanism that was approved in January.
Mulla held talks talks with visiting Cypriot parliament speaker Demetris Syllouris on boosting economic cooperation between the two countries.
Egypt is witnessing a boost in natural gas production and is seeking to realize self-sufficiency, Molla said.
The MoU targets to support turning Egypt into a regional hub for petroleum and natural gas trade.
This was announced at the company’s general assembly meeting, under Petroleum Minister Tarek el Molla, to endorse the performance report for 2018.
Molla said the oil sector continues the implementation of new action plans that aim to improve the efficiency of transportation and distribution system of petroleum products.
Molla stressed his ministry’s keenness on developing the petrochemical industry and increasing its production capacity.
Well-informed sources told a local newspaper that the total cost of the gas pipeline amounted to LE 1.6 billion.
Molla witnessed Tuesday the inking of an agreement between Egypt's Arab Petroleum Pipelines Co. (SUMED) and Saudi Aramco’s trading arm, Aramco Trading Company.
A promising program is underway to increase Egypt's resources of oil and natural gas to secure the country's energy needs, said Petroleum Minister Tarek el Molla.
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