PHOTO
Arab Finance: The Egyptian General Petroleum Corporation (EGPC), Cheiron Petroleum Corporation, and Capricorn Energy signed a new agreement for the Badr El Din concession in the Western Desert, according to a statement.
The deal, witnessed by Minister of Petroleum and Mineral Resources Karim Badawi, aims to accelerate the pumping of a minimum of $208 million in new investments to expand exploration, development, and production activities.
In line with the five-year work program, the three entities will work to boost production and add new reserves by drilling 44 production and exploration wells at the concession.
Under the agreement, eight areas in the Western Desert operated by Badr El Din Petroleum Company (Bapetco), the joint venture (JV) between EGPC, Cheiron, and Capricorn, will be merged, alongside the addition of new exploration areas.
This will bring the total area of exploration, development, and production areas to about 6,181 square kilometers, enabling intensified oil and gas activities while supporting higher production rates.
The agreement also includes plans to upgrade production infrastructure in the region, particularly the Badr 3 processing plant, in addition to reprocessing seismic data and carrying out a 3D seismic survey covering 500 square kilometers.
These efforts are expected to maximize the use of geological data and help discover new opportunities to further increase production.
