Egypt targets 800,000 bpd oil output in 2008

Egypt plans to hike its oil output by 100,000 bpd to 800,000 bpd in 2008, the petroleum ministry said.
"A program was set up for developing some recent discoveries in the Gulf of Suez and the western Sahara, with the aim of hiking production by 100,000 bpd," a statement said. "These new discoveries will be announced soon," ministry spokesman Hamdi Abdel Aziz said, adding that Egypt's current output stood at about 700,000 bpd.

Production in the Gulf of Suez, which accounts for about 65 % of Egypt's total, is expected to increase by 60,000 bpd, the ministry said. Output from the western Sahara fields is due to grow by 40,000 bpd.
Indian oil group ONGC Videsh announced earlier this month that they had struck an oilfield in the Gulf of Suez believed to hold at least 200 mm barrels.

The petroleum ministry has recently offered a number of incentives to boost the oil sector, which has remained in the shadow of the lucrative gas sector in recent years. Production has declined from its peak levels of close to 1 mm bpd in the mid-1990s, but Egypt has made just enough discoveries to meet domestic consumption without having to import crude.
Egypt is not a member of the Organization of Petroleum Exporting Countries but has observer status at the cartel.