Cairo – Mubasher: Qarun Petroleum Company (QPC) has drilled several development and exploratory wells, boosting its oil production to the maximum capacity of 30,000 barrels per day (bpd) at Qarun oil field in fiscal year 2019/2020, the Chairman, Ashraf Abdel Gawad, revealed.
Over the course of the year ended 30 June, the company injected $190 million worth of investments, drilled 13 exploratory and development wells, and repaired 120 wells, Abdel Gawad added in a statement released by the Ministry of Petroleum on Tuesday.
Under the cost reduction programme, the company managed to save $11 million through the optimal use of the available resources, he added.
This came during the ordinary general meeting (OGM), headed by the Minister of Petroleum, Tarek El-Molla, which was convened to approve the financial results of FY19/20.
