Agiba Petroleum Company’s average production of natural gas reached 17 million cubic feet per day (mcf/d) during FY 2020/21, Ahmed Mostafa, Agiba Petroleum’s Chairman, stated.
This comes as Minister of Petroleum and Mineral Resources, Tarek El Molla, chaired the general assembly meeting of Agiba Petroleum, through video conference, to review the company’s performance in FY2020/21, the ministry said in a statement.
The company’s investments reached $269 million during the FY, Mostafa noted, adding that Agiba produced an average crude oil production recorded 40,000 barrels per day (b/d).
Agiba added around 6 million barrels of crude oil and 4.2 billion cf of natural gas to its recoverable reserves.
Moreover, “a $27.5 million was achieved through the use of modern technologies and designs in drilling operations, increasing equipment efficiency and using alternative solutions,” Mostafa stated.
During the meeting, the most important projects implemented by Agiba Petroleum were reviewed, including the start of the construction of a gas processing plant with a 180 mcf/d capacity in order to produce around 150 mcf/d of natural gas and about 10,000 barrels of crude oil.