Latest news with #AgibaPetroleum
Zawya
2 days ago
- Business
- Zawya
Egypt: Agiba Petroleum unlocks 4,100 BOE/day output from Arcadia-28
Arab Finance: Agiba Petroleum Company successfully commissioned the Arcadia-28 well, resulting in a daily production rate of approximately 4,100 barrels of oil equivalent (BOE), according to a statement. This was achieved after a precise acid treatment process was implemented on July 19 th, 2025, using modern technologies similar to those applied to the Iris well. The announcement aligns with the Ministry of Petroleum and Mineral Resources' first strategic pillar, which aims to maximize local petroleum production. Oil companies continue to exert efforts to increase production rates to meet the country's energy needs. On June 30th, Agiba Petroleum discovered a new field of Arcadia West in the Western Desert, while the drilling operations in the Arcadia-28 well led to the discovery of a high-quality reservoir, yielding an initial daily production rate of 2,500 boe. © 2025 All Rights Reserved Arab Finance For Information Technology Provided by SyndiGate Media Inc. (
Zawya
3 days ago
- Business
- Zawya
Egypt: Agiba Petroleum starts production from Arcadia-28 at 4,100 BOE/day
Egypt - Agiba Petroleum Company has announced the start of production from its 'Arcadia-28' well, which targets the Masajid Carbonate Formation. The well was brought online on 19 July following a carefully executed acid stimulation operation using advanced techniques previously applied in the nearby Iris well. In a Monday statement, the Ministry of Petroleum and Mineral Resources confirmed that this development aligns with the ministry's first strategic objective: maximising domestic production of petroleum resources. The ministry noted that companies in the sector continue to intensify efforts to raise output and meet Egypt's growing energy demand. The Arcadia-28 well is currently producing approximately 4,100 barrels of oil equivalent (BOE) per day, marking a significant addition to Agiba's overall production. The ministry highlighted this as a testament to the company's ongoing development and optimisation initiatives across its concession areas. © 2025 Daily News Egypt. Provided by SyndiGate Media Inc. (
Zawya
01-07-2025
- Business
- Zawya
Egypt: Badawi reviews Agiba Petroleum's production performance, plans
Arab Finance: Minister of Petroleum and Mineral Resources Karim Badawi has reviewed Agiba Petroleum Company's plans and latest developments in oil and gas exploration and production, according to a statement. Badawi met with the company's leadership and officials from IEOC Production, a subsidiary of Italy's Eni in Egypt. Salah Abdel Karim, CEO of the Egyptian General Petroleum Corporation (EGPC), and Moataz Atef, the ministry's official spokesperson, attended the meeting. This falls within the ministry's first strategic pillar to expand local production and lower import costs, in addition to securing petroleum products for citizens at the lowest possible cost. On his part, Abdel Karim stated that EGPC plans to cooperate with its partners to boost Agiba's production capabilities. This will be achieved by increasing the number of drilling rigs, reducing the cost per barrel, and exploiting the available production facilities of sister companies in the Western Desert region. Meanwhile, Tharwat El-Gendy, Chairman of Agiba Petroleum, outlined the company's performance results for the period from July 2024 to June 2025. El-Gendy revealed that the company's daily production hit its highest levels last May, recording 44,196 barrels of oil equivalent per day. Agiba plans to maintain an average daily production of 30,000 barrels of oil equivalent during the fiscal year (FY) 2025/2026, added El-Gendy. The chairman also noted that the company implemented several key projects, including the establishment of a water treatment plant with a daily capacity of 45,000 barrels. The company also developed a fire-fighting system and a lightning protection system while renovating gas meters at the Meleiha plant. Further expansion projects are underway, including the establishment of a new gas processing plant with a capacity of 100 million cubic feet per day and a crude oil pipeline to Hamra Port. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
01-07-2025
- Business
- Zawya
Egypt: Agiba Petroleum unveils Arcadia West discovery in Western Desert
Arab Finance: Agiba Petroleum Company, a joint venture (JV) between the Egyptian General Petroleum Corporation (EGPC) and Italy's Eni, discovered a new field of Arcadia West in the Western Desert, according to a statement. The new field was immediately placed into the company's production map. This aligns with the ministry's first strategic pillar, which aims to increase oil and gas production and reduce import costs. Drilling operations in the Arcadia-28 well led to the discovery of a high-quality reservoir, yielding an initial production rate of 2,500 barrels of oil equivalent per day. The Arcadia West discovery marks a milestone for the company's ambitious strategy to expand exploration near existing production areas. It doubles the chances of replicating this successful model. The discovery follows the company's discovery of the Iris field last March, which holds a production capacity of 7,500 barrels of oil equivalent per day. Supported by a 3D seismic survey, this discovery reflects the successful integration of the latest geoscience technologies with operational expertise. Earlier on June 30th, Minister of Petroleum and Mineral Resources Karim Badawi reviewed Agiba Petroleum's plans and latest developments in oil and gas exploration and production.
