An increase in investments has been approved in the budget of Magawish Petroleum Company (Magapetco) to drill more production wells during the current fiscal year (FY) 2024/25 as part of plans to increase production.

Magapetco Chairman, Mahrous Moatamad, reviewed the amended budget for FY 2024/25, in the presence of Salah Abdel Kerim, Chairman of the Egyptian General Petroleum Corporation (EGPC).

Details of the revised budget, which increased by $2 million to a total of $8.7 million, were discussed.

This increase included the costs of drilling two development wells that have been completed, and the wells are currently being evaluated and prepared for production.

An estimated budget of $6.6 million has also been approved, including an ambitious plan to drill an exploratory well and a development well.

The company aims to reach annual production rates of 365,000 barrels, with a daily average of 1, 000 barrels, while reducing the cost per barrel.