Cairo – Mubasher: Khalda Petroleum Company aims to inject $830 million in new investments in fiscal year (FY) 2021/2022 as part of an ambitious plan for oil and gas exploration and field development at its concession areas in the Western Desert.

The plan includes drilling 87 new wells, including 35 exploratory wells and 52 development wells which will bring in an average daily production of about 130,000 barrels of crude oil and condensates as well as 630 million cubic feet of natural gas, the company’s Chairman, Saeed Abdel Moneim, said in a statement released by the Ministry of Petroleum on Wednesday.

These statements came during the general assembly meetings of Khalda Petroleum Company and Qarun Petroleum Company headed by the Minister of Petroleum, Tarek El-Molla, to approve the planned budget for FY21/22.

Qarun Petroleum Company plans to inject about $252 million investments as part of its plan to drill 24 development wells and five exploratory wells in the Western Desert as well as maintain and repair wells to achieve an annual production of 9 million barrels of crude oil, the company’s Chairman, Ashraf Abdel Gawad, revealed.

Source: Mubasher

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