Abu Qir Petroleum Company allocated $190 million investments in its budget for fiscal year (FY) 2019/20, said Mohamed Abdel Sallam, Chairman and Managing Director of the company, Egypt Oil & Gas reports.
The company will drill and complete five development wells, adding around 5,000 barrels of oil equivalent per day (boe/d) to its production, Abdel Salam noted during the general assembly chaired by Minister of Petroleum, Tarek El Molla, to review the company’s budget plan.
Abu Qir Petroleum plans to execute an onshore compressor station with $16 million investments. Additionally, the company will execute health, safety and environment (HSE) projects to secure a safe work environment for its employees and equipment.
The company drilled six development wells at North Abu Qir field through the new offshore platform North Abu Qir-3. The new wells boosted daily output to 280 million standard cubic feet (mmscf/d) of natural gas during the first half of FY 2018/19.
Abu Qir Petroleum is studying the drilling of a new well with investments of $30 million during the second half of FY 2018/19 to boost daily output and increase proven reserves to 36 billion cubic feet (bcf) of natural gas.