Oil output in Egypt has increased by 55,000 barrels per day, bringing the North African nation’s oil production to 700,000bpd for the first time in 14 years, the official MENA news agency has reported. Egypt is one of the largest oil producers in North Africa. The news came as part of a report presented to Petroleum Minister Sameh Fahmi by the Egyptian General Petroleum Corporation (EGPC). The move to increase output comes as a string of discoveries of new oil fields were reported in the Gulf of Suez, the Nile Delta, the Western Desert and the Mediterranean Sea during the 2007-2008 fiscal year beginning 1 July of last year and ending 30 June this year. According to the report, reserves of crude oil have reached a record 4.2 billion barrels due to the discovery of new oil fields. Oil is one of Egypt’s most lucrative sources of income, but tourism and revenues of the Suez Canal are still the leading cash cows for the country.
