General Manager of Khalda Petroleum Company Khalid Mowafi said Monday the company plans to increase crude oil production to 151,000 barrels day in 2018. 

The company said 53 development wells and 38 exploratory wells will be drilled during 2017/2018, with investments worth 800 million dollars, to find new reservoirs, Mowafi said during Petroleum Minister Tareq el Molla's inspection of the company's oilfields in the Western Desert.

In a statement, the Petroleum Ministry said the minister underlined the importance of Khalda company's oilfields in the Western Desert.

The petroleum sector is racing for time to build new Egypt and it has no other choice except working hard, the minister said.

He added that the ministry is working on increasing production to decrease imports and secure hard currency, a matter that will help improve the economy.