Khaleda Petroleum injects $1.2bln into oil exploration in FY2022/23

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Arab Finance: Khaleda Petroleum Company has pumped new investments of around $1.2 billion into oil exploration and development during fiscal year (FY) 2022/2023, as per a statement by Ministry of Petroleum and Mineral Resources.

The company has achieved an average production rate of oil equivalent of around 220,000 barrels per day in FY 2022/2023.

It has drilled 91 wells to scale production up, along with completing the drilling of 37 exploration wells.

Moreover, it has achieved 28 new discoveries in FY 2022/2023, with a reserve of 35 million barrels of oil equivalent (BoE).

Khaleda has also completed the seismic survey program for the Matrouh-West Kanayes region, in addition to the completion of advanced stages at several concession areas within the framework of oil discovery activities.

Additionally, the company has executed several mega infrastructure development projects at various oil production facilities and pipeline networks.