The Ministry of Petroleum said 10 exploratory wells were dug in the Western Desert and they went online in a record time with a daily average output of 5,000 oil barrels.
In a statement, the company’s chairman, Ashraf Abdel Gawwad, said that the company plans to carry out more exploratory operations as Egypt has proved to be rich in mineral resources. Indeed, this area accounts for 16 percent of the Qarun Petroleum Company’s production.
The company is working with its partners for a development plan for about 237 million of dlr investment cost in the 2019-2020 FY.
The company’s daily output stood at 31,700 oil barrels during 2018-2019 at total investments of about dlrs 182 million.