Egypt: New Minister Targets Output Hike
New Egyptian Oil Minister Sharif Haddara says Egypt will target long term oil output of 1mn b/d and 7.5bn cfd gas. But this might prove ambitious.
A sustained lack of upstream investment, due to a vicious circle encompassing (among other factors) low subsidized domestic gas and oil product prices, and delayed payments to NOCs and permit approvals (MEES, 12 April), means production has actually been falling.