Minister of Petroleum and Mineral Resources Tarek El Molla chaired the general assembly of Agiba Petroleum to approve the results of the work of the fiscal year 2022/23.

The company’s performance review indicated total investments during the fiscal year amounted to more than $371 million, and it succeeded in achieving an average production equivalent to 42,000 barrels of oil equivalent per day (boe/d) by drilling 33 development wells and three exploratory wells.

In this context, El Molla confirmed that the petroleum sector is currently intensifying research, exploration, and development activities for the country’s  rich oil and gas assets.

El Molla further stated that Egypt enjoys distinguished petroleum potential and a strong infrastructure that enables it to implement ambitious programs and plans to increase production, which is one of the work’s priorities.

During the meeting, Tharwat El Gendy, President of Agiba Company, reviewed the company’s most important performance indicators.

El Gendy referred to the company’s success in achieving a new record in gas production, as the average production reached 51 million cubic feet per day.

Moreover, El Gendy announced the company’s success during the current month in putting the Faramid field gas wells in the East El Obeid region in the Western Desert on the production map at a rate of 25 million cubic feet per day by extending a 10-inch diameter pipeline with a length of 38 kilometers.

El Gendy stated that the company carried out digitization operations for field activities by applying remote oil well monitoring systems and linking them to a unified system, and that some systems to support decision-making are being added.