Agiba Petroleum Gas Production records 17 mcf/d in FY2020/21

Agiba Petroleum Gas Production records 17 mcf/d in FY2020/21
Local workers control a gas valve at the FGSZ Natural Gas Transmission Closed Company Limited, in Vecses, some 20 kms from Budapest on January 14, 2009. EU leaders kept up pressure today on Russia and Ukraine to resolve their gas dispute after an attempt to resume transit supply failed to deliver gas to European consumers. Hungary’s daily gas consumption amounts to 64 million cubic metres, made up of less than 50 million cubic metres received from the Hungarian storage units, more than eight million cubic metres flowing in from Austria, around eight million cubic metres from the country’s own gas fields anf more than eight million cubic meters are sent into the Serbian and Bosnian networks. AFP / ATTILA KISBENEDEK (Photo credit should read ATTILA KISBENEDEK/AFP/Getty Images)

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.

Sarah Samir 2538 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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