US$1 billion in new investments for Khaleda and Qarun oil fields

Egyptian Minister of Petroleum and Mineral Resources, Tarek al-Molla, chaired, on Wednesday, the meeting of the general assembly of both Khaleda and the Qarun petroleum companies, to approve the planning budget for the fiscal year 2021-2022.

During the meeting Khalid Abdul-Moneim, Chairman of the Khaleda Petroleum Company, said that it is targeted to pump about US$830 million in new investments during the fiscal year 2021/2022 to implement an ambitious plan to search for oil and gas and develop production fields in its concession areas in the Western Desert.

The plan aims to drill 87 new wells, including 35 exploration wells and 52 development wells, thus contributing to achieving an average daily production of about 130,000 barrels of crude oil and condensates, in addition to 630 million cubic feet of natural gas.

During the review of the planning budget for the Qarun Petroleum Company, the company’s president, Ashraf Abdel-Gawad, stated that it plans to pump investments amounting to about US$252 million to implement a work program in the areas of its concession in the Western Sahara.

He explained that the program includes drilling 24 development wells and five exploration wells, in addition to implementing a plan to repair and maintain wells to achieve an annual production rate of about nine million barrels of crude oil.

Abdel-Gawad pointed out that Qarun continues to apply all precautionary measures against the coronavirus to maintain the safety of all workers while meeting production targets.

Edited translation from Al-Masry Al-Youm

Related Articles

Back to top button