Egypt is targeting a 10% increase in oil output from 630,000 b/d currently, to 690,000 b/d by June next year, oil minister Tarek El Molla said this week. Head of state oil firm EGPC Abed Ezz el-Regal said just last month that Egypt was hoping to reach oil output of 720,000 b/d by June (MEES, 9 August).
MEES data puts Egypt oil output slightly higher at 639,000 b/d, but as with Mr Ezz el Regal’s estimate, Mr Molla does not give any indication where the added oil boost will come from. A fall is more likely than a rise this year given that key producer Apache is slashing investment. (CONTINUED - 231 WORDS)