Agiba Petroleum Company Chairman Tharwat El Gendy stated that the proposed budget of his company for the fiscal year (FY) 2025/26 amounted to $641.3 million with a plan to produce 24,000 barrels of oil per day (bbl/d) and 64 million standard cubic feet per day (mmscf/d) of natural gas.

This came during the general meeting assembly of the company attended by the Minister of Petroleum and Mineral Resources Karim Badawi and officials of IEOC to approve its planning budget for FY 2025/26.

He added that Agiba Petroleum Company’s production amounted to 40,000 barrels of oil equivalent per day (boe/d), achieving 82% of the plan, through drilling 12 development wells and 59 well maintenance operations.

El Gendy noted that the company achieved zero flare gas at its oil and gas facilities, for the first time in its history, by completing the gas compressor project, which allows all flared gas to be transferred from the oil station to the gas station.

A new water treatment plant was also added as part of the associated water treatment and reinjection strategy in Agiba, enabling the company to treat and reinject 100% of the produced water according to international standards. This is to enhance the efficiency of depleted reservoirs by maintaining reservoir pressure and improving productivity.

In addition, Agiba successfully drilled the first deep horizontal well in the Masajid layer (North Roza-13), which represents a major achievement in maximizing the economic feasibility of low-permeability carbonate reservoirs. The well achieved an initial production of 1,800 barrels of oil equivalent per day, adding 0.5 million barrels of oil equivalent (mmboe) to the company’s reserves.

Agiba also achieved another achievement in the Masajid layer in which it re-completed the exploratory well (Iris 1X) from the Masajid layer with high productivity to reach the highest production rate of 2,600 bbl/d and 4.5 mmscf/d, followed by the implementation of a rapid development plan that began with drilling the development well (Iris 2), which was put on production at a rate of 1,500 bbl/d and 1.6 mmscf/d , both of which added 3 mmboe to the company’s reserves.

He pointed out that Agiba is planned to drill two exploratory wells in the amended budget for 2024/25 and it is planned to drill three wells in the planned budget for FY 2025/26.