Eni has announced that its joint venture with the Egyptian General Petroleum Corporation, AGIBA Petroleum Company, reached a production milestone of 500 million barrels per day (mb/d) on March 15th, Egypt Oil & Gas reports.

AGIBA Petroleum has been producing 110 mb/d of oil over the past five years due to the development of several new discoveries, including Meleiha West Deep, Emry Deep, and Rosa North.

Eni will make new exploration investments over the next four years and this is set to boost the Meleiha Concession’s deep oil potential as well as its natural gas resources.

“This achievement, reached with the full support of the Egyptian petroleum sector, confirms the success of Eni’s strategy to focus on exploration activities which offer high value and quick development within even a mature environment thanks to the optimization of traditional drilling infilling campaign and the synergies with existing upstream infrastructure and national hydrocarbons export network,” the company stated.