The Ministry of Petroleum and Mineral Resources has offered new investment opportunities in seven undeveloped fields in the Mediterranean Sea and six exploratory areas in the Gulf of Suez and the Western Desert through the Egypt Exploration and Production Gateway (EUG).

Minister of Petroleum and Mineral Resources Karim Badawi has met with Chief Operating Officer Global Natural Resources at Italy’s Eni Guido Brusco to discuss speeding up the development and exploration of natural gas and crude oil fields.

Egypt has mulled ways to accelerate development and production plans for natural gas and crude oil fields and discoveries with the Italian energy firm Eni to secure domestic needs.

Egypt is targeting scaling up its daily crude oil production by 9% in fiscal year (FY) 2024/2025 to 637,000 barrels from the current daily production of 580,000 barrels.

The Egyptian petroleum sector targets investing EGP 99.6 billion in the development of oil extractions during fiscal year (FY) 2023/2024, Ministry of Planning and Economic Development Hala Elsaid announced, citing a report on the sector’s plan for the current FY.

Egypt has raised its estimates for the oil price per barrel for the current fiscal year’s (FY) budget by 6.25% to $85.

Nasr Petroleum Company is targeting refining around 2.5 million tons of crude oil in fiscal year (FY) 2023/2024, compared to 2.4 million tons in the last FY, to meet the local market’s demand.