Bapetco drills 13 new wells in Egypt's Western Desert during FY2024/25
This contributed to achieving a daily production capacity of 56,000 barrels of oil equivalent (BOE), 190 million cubic feet of gas, and 22,000 barrels of condensate.
He added that the company's exploration plans include drilling eight new exploratory wells, four of which will be highly productive and expected to add 250 million barrels of crude oil reserves. This is in addition to another four wells in the Badr-3, Badr-15, and Badr-16 areas, with reserves of 33 million BOE.
In line with the FY 2025/2026 investment budget, the company aims to invest $350 million to support and expand production rates by drilling 34 new wells using four drilling rigs.
The chairman added that Bapetco seeks to raise the number of wells to 47 and boost drilling rigs.
Abdel Gawad's remarks came during the company's general assembly meeting, headed by Minister of Petroleum and Mineral Resources Karim Badawi.
Alan Linn, CEO of Cheiron, also attended the meeting and affirmed the company's interest in bolstering and increasing investment spending in the coming period.
Cheiron aims to increase the production capacity, improve the application of advanced technology, and leverage available assets with the highest efficiency.
He added that the company is looking to expand exploration areas and bring in new rigs to work in these areas to drill new wells, reflecting its commitment to growing its business in the Egyptian petroleum sector.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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