Cairo –  Agiba Petroleum Company has invested a total of $269 million during fiscal year (FY) 2020/2021, the company's Chairman, Ahmed Moustafa, revealed.

The company's average daily output reached 40,000 barrels of crude oil and 17 million cubic feet of gas during the last fiscal year, Moustafa added in a statement by the Ministry of Petroleum and Mineral Resources on Sunday.

Moreover, Agiba added 6 million barrels of crude oil and 4.2 billion cubic feet of gas to the recoverable reserves, he noted.

The oil and gas firm saved $27.5 million through using advanced technologies in drilling and raising the efficiency of equipment.

One of the top projects being implemented by Agiba is the natural gas processing plant with a daily capacity to process 180 million cubic feet to produce 150 million cubic feet of gas and 10,000 barrels of crude oil per day.

Source: Mubasher

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