Cairo – Mubasher: Khalda Petroleum Co is looking to invest $747 million in fiscal year 2019/2020, the company’s chairman said.
The company plans to drill 35 exploratory wells and 44 development wells, as well as completing and upgrading other 95 wells, Khaled Mowafi added in a statement to the Egyptian petroleum ministry.
Mowafi noted that the company aims to generate a daily production of around 134,000 barrels of crude oil, 28,000 barrels of condensate, 106 tonnes of butane, and 750 million cubic feet of natural gas.
Khalda has made 11 oil discoveries during the first half of this fiscal year, including the West Qasr field x1, he said.
These discoveries have added over 47 million cubic feet of gas, around 1,800 barrels of crude oil, and 2.6 million barrels of condensates to the company’s daily production, as well as nearly 47.5 cubic feet of gas to the proved reserves, he noted.
This came on the sidelines of the general assembly of both Khalda Petroleum and Qarun Petroleum Co headed by petroleum minister Tarek El-Molla to approve the companies’ budget scheme for FY19/20.
Khalda Petroleum had made 16 oil discoveries and drilled 59 wells in FY17/18.
