Agiba Petroleum Company announced the successful drilling of the Meleiha 78 well, in the Meleiha development lease, onshore Shoushan sub-basin, located in the Western Desert.

The drilling of this new development well serves the company’s target to increase its production rate of crude oil.

The Meleiha 78 well, drilled to a total depth of 6000 feet, cost approximately $700 thousand.

Agiba, a joint venture including Eni SPA and the Egyptian General Petroleum Corporation (EGPC) holding 50% each, had a production rate of 1,276,261 barrels of crude oil at the end of last October.

Currently, the company is implementing a number of projects for developing and maintaining some development wells, which would sustain the company’s plan of increasing its production rates.