A source in the sector told Daily News Egypt that EGPC has been tasked with collecting data and information about the untapped concession areas in the Western Desert and the Gulf of Suez. He explained that Egypt needs to increase crude oil output, having been fixed for several years at an average of 650,000-700,000 barrels, against a growing demand. The source added that the discoveries of gas achieved by Egypt recently will achieve self-sufficiency by next year, noting that Egypt will become a gas-exporting country by 2020. EGPC head, Abed Ezz El Regal, said in press statements that the corporation is preparing to offer new tenders for crude oil exploration in its concession areas before the end of this year. The Minister of Petroleum pointed out that the continuity in offering bids and signing agreements with international partners confirms the continuity of exploration operations to increase and develop the Egyptian reserves of crude oil and gas.

Source: Daily News Egypt September 30, 2017 15:00 UTC