Egypt's Agiba Petroleum to invest $577mln in FY20/21

The company drilled a total of 34 development wells in H1 of FY19/20

  

Cairo –  Agiba Petroleum Company is looking to inject $577 million in investments during fiscal year 2020/2021, the company’s chairman Mohamed Baydoun said.

The company aims to maintain output rates of FY19/20, Baydoun added in a statement on Monday.

Five exploratory wells and 58 development wells will be drilled, he noted, adding that 184 wells will be repaired.

During the first half of FY19/20, the company drilled a total of 34 development wells and raised the crude oil output of Southeast Maliha field to 9,500 barrels per day (bpd).

In addition, Fars and Ashrafi fields were developed, leading to an increase in oil output to more than 1,000 bpd.

Accordingly, the total oil output of Agiba increased to 49,000 bpd from 44,000 bpd at the beginning of FY19/20.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2020 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Energy