Cairo – Mubasher: Qarun Petroleum Company, a subsidiary to the Egyptian Ministry of Petroleum, is currently planning to invest $237 million in fiscal year 2019/2020.
The petroleum company has drilled ten exploration wells in East Bahareya Extended Area 3, the company’s chairman Ashraf Abdel Gawad said in a statement, adding that the company’s output reached about 31,700 barrels of oil per day.
In addition, reserves have been increased by 24 million barrels to 69 million barrels at the end of FY18/19, he revealed.
Qarun Petroleum Company’s investments totalled $182 million, Abdel Gawad noted, adding that production from East Bahareya accounted for 16% of Qarun’s total production.
