The head of Agiba Petroleum, Alaa El Batal, reported that the company increased both reserves and production during fiscal year (FY) 2016/2017, Egypt Oil & Gas reports.
The company invested $212 million during FY 2016/2017 and added 17,000 barrels of oil equivalent (boe) per day to its crude oil and natural gas production to reach 50,000 boe per day. It produced 47,000 barrels per day (b/d) of crude oil and condensates and 17.5 million standard cubic feet per day (mscf/d) of gas, El Batal noted.
It accomplished this uptick in production by drilling 36 new wells and by running its natural gas facilities station at full capacity throughout the fiscal year.
Agiba Petroleum reserves increased by 10 million barrels of crude oil and 39 billion cubic feet (bcf) of natural gas, El Batal said.
The company also implement new health, safety, and environment (HSE) standards and cost savings techniques.
El Batal’s statements were made during a meeting to review the company’s FY 2016/2017 operations. Egyptian Minister of Petroleum and Mineral Resources Tarek El Molla chaired the meeting.