Cairo – Mubasher: PetroGulf Misr is planning to pump investments worth around $50 million this fiscal year, the firm’s chairman said on Sunday.
The company is looking to drill two new wells in North Geisum field, Sami Abdel Fattah added in a statement to the Egyptian petroleum ministry.
This comes within the company’s development plan to raise crude oil production by nearly 11 million barrels in FY19/2020 as current output amounts to 4,700 barrels per day (bpd), Abdel Fattah indicated.
A programme comprising a number of projects is being implemented in a bid to boost the efficiency of infrastructure and upgrade the security and safety systems.
This came on the sidelines of a tour by the Egyptian petroleum minister Tarek El-Molla in Gabal El Zeit area in the Gulf of Suez.
