ZETCO continues to drill a Nefertiti well in Sinai at an investment cost of $ 7 million
East Oil Petroleum Company [ZETCO], a subsidiary of the Ministry of Petroleum and Mineral Resources, continues to drill the Nefertiti well in Sinai.
An official source at the Ministry of Petroleum and Mineral Resources said that the drilling of the well comes within the company's plan for development and increase production during the new financial year, pointing out that the cost of drilling investment is estimated at about 7 million dollars.
The Ministry of Petroleum and Mineral Resources aims to increase the production of crude oil by intensifying research and exploration activities and implementing projects to develop the fields and dig new wells and put them on the production map, as there is a plan to target production increase to 700 thousand barrels of crude oil and condensates during the fiscal year 2019-2020.
Crude oil is produced from Western Desert, Eastern Desert, Gulf of Suez, Sinai and Southern Egypt. Egypt's crude oil and condensate production is about 660,000 barrels during the fiscal year.
– Crude oil
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