Egypt targets output rise

May 17, 2006 02:00 AM

Egyptian Oil Minister Sameh Fahmy said the country is targeting an increase of 500,000 barrels of oil equivalent a day in crude oil and natural gas over the next two to three years.
Egypt is currently producing around 2 mm boepd of oil and natural gas, Fahmy said on the sidelines of an Arab energy conference in Amman, Jordan.

Fahmy said the oil ministry has signed 63 agreements with companies to explore more crude oil and gas over the past one-and-a-half years. He added the Egyptian government is spending about $ 3 bn a year in projects to upgrade its oil and gas sectors.
"We are currently implementing projects to increase our oil production through upgrading our oil installations, some of which date from 1964," he said.

Another Egyptian official said Egypt is currently exporting around 6 mm tons of crude oil a year. Egypt exports around 2,100 mm cf of natural gas a day, the official said, with most going to Jordan.
Egypt is also planning to export gas to Syria and Lebanon, the official added.

Earlier, Fahmy said in London he was in talks with Merrill Lynch & Co. and Morgan Stanley about advising on an initial public offering of the state-owned Middle East Oil Refinery, or Midor.
A report said earlier this month the Egyptian government will sell up to 30 % of Midor this July.

Source: Dow Jones Newswires
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