Cairo – Mubasher: Qarun Petroleum Company (QPC) is looking to invest $238 million in fiscal year 2019/2020, up 30% from in the current fiscal year, the company’s chairman said.
QPC will invest this sum into drilling 25 development wells and 10 exploratory wells, Ashraf Abd El Gawad added in a statement to the Egyptian petroleum ministry.
Moreover, the company is set to produce 41,000 barrels of crude oil per day, Abd El Gawad indicated.
He added that work at the company’s newest Bahariya concession in the Western Desert, which is expected to add around 8,600 barrels of oil per day to total output by the end of FT18/19.
Accordingly, the company’s production Would reach 34,700 barrels of crude oil per day with total investments worth $183 million to drill four development wells and 11 exploratory wells, he highlighted.
This came on the sidelines of QPC’s general assembly headed by petroleum minister Tarek El-Molla to approve the company’s budget scheme for FY19/20.
In 2018, QPC revealed plans to produce 11.9 million barrels of oil in FY18/19 and drill 22 wells.
