Cairo – Mubasher: Qarun Petroleum Company (QPC), a subsidiary of the US-based Apache Corporation, on Tuesday said that its total expansion has reached $137 million in fiscal year 2016/2017.
Mohsen Al-Nubi, chairman of QPC, said in the company’s general meeting that the company succeeded in saving $17 million as part of its expansion plan and operations, according to a statement by the Ministry of Petroleum.
QPC has drilled 14 oil wells and added 1,900 barrels per day (bpd) to its production, the top official added.
The daily oil output rose to about 35,500 bpd, he highlighted, noting that QPC's annual production amounted to 13 million barrels of oil equivalent (BOEs), while 7.6 million barrels of crude oil have been added to reserves.
Earlier this year, QPC had announced plans to pump investments worth $190 million in the budget of FY17/18.
