Badr El-Din Petroleum Company’s (Bapetco) Badr 1 field production recorded 1.15 million barrels of oil (mmbbl) in the fiscal year (FY) 2019/20, an 11% increase from its initial plans, Chairman Ibrahim Masoud announced.
The announcement came during a meeting with the Minister of Petroleum and Mineral Resources, Tarek El Molla, at Bapetco’s and the Western Desert Operating Petroleum Company’s (WEPCO) general assembly. Masoud stated that two exploratory wells and three development wells were drilled to add approximately 5.7 million barrels of oil equivalent (mmbbloe) to the confirmed reserves in the area, with investments reaching $21 million.
Currently, the company is implementing new projects to raise the efficiency of the Badr 1 facilities. The company plans to install two new gas compressors valued at $6.6 million, in addition to establishing a new warehouse in the region to increase storage capacity by about 33%.
As for WEPCO’s progress in FY 2019/20, Masoud stated that Al-Hamra Petroleum Port succeeded in receiving and distributing about 94 mmbbl at an average of 275,000 bbl/d, of which 36 mmbbl were received through the marine facilities and 58 mmbbl went to refineries through land. WEPCO also signed a deal with the Engineering for the Petroleum and Process Industries (Enppi) and Petrojet to establish two warehouses for storing crude oil at Al-Hamra Petroleum Port with investments worth $64 million aiming to increase the port’s capacity from 1.5 mmbbl to 2.6 mmbl.
Additionally, Masoud added that WEPCO succeeded in operating an 8-kilometers (km) marine pipeline project in Al-Alamein and a buoy marine line with investments of about $100 million. Another achievement for the company is implementing the first phase of its digital transformation by launching an enterprise resource planning (ERP) application produced by SAP.
El Molla commended Bapetco’s results in Badr-1 in the Western Desert, as well as WEPCO’s development of Al-Hamra port. He noted that the latter will help transform Egypt into becoming a regional energy hub, and a hotspot for the trade and circulation of petroleum and natural gas.
