Agiba Petroleum Company Chairman Tharwat El Gendy highlighted the key business indicators for fiscal year (FY) 2023/24, noting that the company’s total investments for the year amounted to approximately $417 million.

El Gendy’s statement came during the general assembly meeting attended my Minister of Petroleum and Mineral Resources Karim Badawi to approve the company’s results from FY 2023/24.

Despite the challenges that led to reducing the number of drilling rigs from 6 to 1, and well maintenance rigs from 6 to 4 starting from March of the fiscal year, Agiba Petroleum was able to maintain stable production rates by achieving an actual average production of 44,000 barrels of oil equivalent per day boe/d.

This is achieved by drilling 34 development wells and four exploratory wells, in addition to finding alternative solutions to maximize the benefit from available resources, such as intensifying rigless operations and using modern technologies. This led to achieving an average production of 28,800 boe/d from the achieved production.

In this regard, Badawi highlighted the importance of the efforts made to overcome the challenges facing the increase in production rates, praising the tireless efforts of workers at work and production sites and their keenness to innovate various solutions to face these challenges.

The meeting highlighted that Agiba achieved a record in gas production for the first time in its history, with an average output of 84 million cubic feet per day (mcf/d). Additionally, the company was able to increase its reserves by 9.2 million barrels of oil equivalent (boe) through exploration and development activities.