Cairo:Agiba Petroleum Company has injected total investment worth $237 million in fiscal year 2017/2018, the company's chairman said on Wednesday.
Tests at the wells of Aman East, Karnak Deep, and Meleiha South in the Meleiha concession have added approximately 1.1 million barrels of oil equivalent (BOEs) to its proved reserves, Mohamed al Kafas highlighted in a statement.
Agiba, the operating joint venture company between Eni’s subsidiary IEOC Production BV and Egyptian General Petroleum Corporation (EGPC), finished drilling almost 55 wells at the Meleiha concession, he added, pointing out that about 59% of the development of crude oil transmission pipelines were completed.
He also indicated that the Petroleum Projects & Technical Consultations Co (Petrojet), in accordance with Engineering for the Petroleum & Process Industries (ENPPI), finished the establishment of a waste and sample warehouse built in accordance with the state-of-the-art safety and environmental systems.
The chairman said that recently-discovered Farmid exploration area is currently under development, with initial production of 25 million cubic feet (Mcf) of gas per day.
Agiba also completed the offshore facilities of the Gulf of Suez Ashrafi well at a total cost of around $3.8 million, Kafas noted.
He indicated that Eni-EGPC’s joint venture could save around $12 million by slashing costs of its activities on the back of adopting the latest economic management system of projects.