Agiba Petroleum to invest $500mln in FY2024/25

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Agiba Petroleum is set to pump $500 million in investments in the Egyptian market during the upcoming fiscal year (FY) 2024/2025, Head Tharwat El Gendy announced during the company’s general assembly on March 20th.

Agiba targets daily production rates of about 30,000 barrels of crude oil and 119 million cubic feet of natural gas per day during the July 2025- June 2024 period.

The firm also aims to drill seven new exploration oil and gas wells in the Mleiha and southwest Mleiha regions.

On the other hand, President of the Pharaonic Petroleum Company (PhPC) Hossam Zaki said that his firm achieved daily production rates of 400 million cubic feet of gas and 9,300 barrels of condensates during the first half (H1) of FY 2023/2024.

This came during the general assemblies of the petroleum firms Agiba and Pharaonic, which were held via video conference to approve the draft budget for the next FY 2024/2025.