Working closely with the EU and a number of neighboring countries on becoming an energy hub, Egypt will sign a MoU with the EU during the latter’s energy commissioner’s visit to the country in the final week of April 2018.
In terms of crude oil production, Egypt has made significant progress. Egypt’s daily crude oil production has increased by 4.3% so far in 2018, compared to 2017, CAPMAS stated. It is currently producing 657,000 b/d compared to 630,000 b/d during 2017.
In light of the government’s keenness to maximize opportunities in cooperation with various companies, the Cabinet approved a decree allowing Ministry of Petroleum and Mineral Resources to contract with companies like EGPC, IEOC, and BP to explore and develop oil fields in the Nile Delta.
Following success in drilling the K-46 development in the Asl B area in March, TransGlobe Energy announced that it produced 11,776 b/d of oil from its Egyptian fields during Q1 2018. The Asl B formation is currently producing around 45 b/d and has an estimated net oil pay of 15 feet.