Agiba Petroleum Company and Pharaonic Petroleum Company (PHPC) both announced to boost their investments during Fiscal Year (FY) 2020/21, according to a press release.

Agiba is pumping $577 million of investments during FY 2020/21 to keep up with the previous production rates. Mohamed Baydoun, Chairman and the Managing Director of the company said that they are planning to drill five exploratory wells, 58 development wells, and perform 184 well repairs.

Baydon shared the company’s achievements during FY 2019/20, which included drilling 34 development wells, increasing Maleha’s southwest field production to 9,500 barrels of crude oil per day (bbl/d) , in addition to developing Fars and Al-Ashrafy fields to reach 1,000 bbl/d, thus increasing the company’s total production to 49,000 bbl/d.

On the other hand, Mohamed Samir, Chairman and the Managing Director of Pharaonic Petroleum Company (PHPC), announced that the suggested plan for FY 2020/21 includes putting Atoul-1 and Katameya QTS-1 on stream with investments reaching $277 million to keep up with the current production rates.

Samir added that the completion of its three concessions during H1 FY 2019/20 contributed to boosting production to 435 million cubic feet per day (mmcf/d), and 8,000 barrels of condensates per day.

He also mentioned that the construction works for the Atoul field project in Port Said’s Gas Processing Station are almost completed. He noted that a total investment of $41 million will be directed towards a condensate treatment unit with a capacity of 15,000 bbl/d and two condensate tanks with a total capacity of 120,000 barrels.

As for exploration, Samir stated that PHP with BP and Italian Egyptian Oil Company (IEOC) will implement a joint work program.