Egypt is targeting scaling up its daily crude oil production by 9% in fiscal year (FY) 2024/2025 to 637,000 barrels from the current daily production of 580,000 barrels, a government official told Asharq Business.

Some foreign firms will invest around $4 billion in oil development and exploration projects in the country over the coming FY, particularly in the Western Desert and the Gulf of Suez, the source said.

On March 26th, three Egyptian companies signed two agreements with ADES Holding Company for oil exploration in selected areas of brownfields in the Gulf of Suez.

These companies are namely, Gharib Oil Company, Suez Oil Company (SUCO), and Offshore Shukeir Oil Company (OSOCO).

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