Agiba Petroleum Company revealed that its production rates of crude oil and natural gas have been, to some extent, consistent over the previous six months.

As part of the company’s development plan for the current fiscal year 2011/2012, Agiba has completed the drilling of two development wells during last November, in its concession area in the Western Desert.

The first well, RAML-25, was drilled using the PDI-147 rig to a total depth 4700 feet. The cost of drilling this crude oil producing well averaged $1,100 million. 

AG-91, the second well, is 11680 feet deep, and was drilled using the ST-6 rig, the drilling cost of which has averaged $1,200 million.

Within the same concession area, Agiba drilled two crude-producing developmental wells last October, Aghar-7 and Aghar-174. The collective production of such wells has reached 300 barrels of oil per day.

It’s worthy to mention that during last November, the company’s production levels have reached 122,0344 barrels of crude oil and 730,28 cubic feet of natural gas.

Agiba is a joint venture including Eni with 56%, Lukoil Overseas 24% and the International Finance Company (IFC) with 20%, with the EGPC holding the remaining 50%.