The Chairman of Agiba Petroleum Company Tharwat Gindy has stated that the company plans to pump $500 million in investments during the fiscal year (FY) 2024/25 targeting daily production rates of 30,000 barrels of oil and 119 million cubic feet (mcf) of natural gas.

Gindy said that during the general assembly meeting of Agiba Petroleum Company headed by the Minister of Petroleum and Mineral Resources Tarek El Molla to approve its planning budget for the FY 2024/25.

He noted that Agiba will drill seven exploratory wells in Meliha and South West Meliha during the remaining period of the current fiscal year and the next one after achieving two discoveries during the Q1 of FY 2023/24 with production rates exceeding 2,000 barrels of oil per day (bbl/d) and 10 million cubic feet per day (mcf/d) of natural gas.

The chairman added that the company completed the seismic survey and it is now processing the data of the survey to explore great opportunities for successfully drilling the exploratory and production wells. Regarding sustainable environment, the company started flare gas recovery usage from the crude station and preparations are underway to exploit the rest of the available quantities to achieve environmental and economic returns to reduce carbon emissions, in addition to achieving savings as a result of reducing the use of diesel in the fields of the Meliha area, and 11 million safe working hours were achieved during the year 2023 as a result of commitment to implementing safety standards and efforts to raise awareness about them, Gindy said.

Moreover, Gindy showcased the financial performance of the company during FY 2023/24, which succeeded in developing its production capabilities from the Western Desert reaching 80 mcf/d of natural gas through increasing production rates of the pipeline connecting the Arcadia gas field and Al salam gas station to 50 mcf/d of natural gas in addition to extending another line from the Faramid field to Badr El Din Company to process 24 mcf/d of natural gas from the field’s production.

He pointed out that work is being done to complete the establishment of a natural gas collection and processing station with a capacity of 100 million cubic feet per day to connect with the Western Desert Gas Complex. This comes in light of the company’s success in achieving its production plan during H1 of the current FY, with an average daily production of about 29,000 bbl/d and 80 mcf/d of natural gas, through drilling 21 development and exploration wells and implementing 194 well maintenance operations.