Ashraf Abdel Gawad, the Chairman of Badr El Din Petroleum Company (Bapetco) has revealed that production rates reached over 67,000 barrels of oil equivalent per day (boe/d), amounting to 217 million cubic feet (mmcf) of natural gas and 28,000 barrels of oil and condensates during the fiscal year (FY) 2023/24.

This announcement was made during the general assembly meeting of the company attended by the Minister of Petroleum and Mineral Resources to approve its operational results of the FY 2023/24.

The Chairman added that his company has pumped investments estimated at $295 million, noting that the project of re-processing the seismic data for an area of 2,000 kilometers square has been proceeded.

He also pointed to Bapetco’s commitment to implement the planned program in the budget to drill five new exploratory wells, noting that three successful exploratory wells were reached and 20 wells were connected to the production lines in the company’s concession areas and an expanded program was executed to maintain the wells.

Abdel Gawad discussed the efforts to establish a culture of health, safety and environment at the company’s sites, explaining the positive results of the various procedures and projects in the field of environmental conservation and reducing emissions that contributed to reducing approximately 18,000 tons of CO2 equivalent during the year and reducing flare gas emissions to the lowest possible level in a tangible manner compared to the previous two years.

He added that this progress achieved after completing the flare gas utilization projects in the Badr 3 field area and using them economically as fuel instead of burning them. Currently, projects are being completed to reduce flare gas emissions, rationalize the consumption of petroleum fuel and replace it with renewable energy at the sites of Niaj and Alam El-Shawish.

Foe her part, Capricorn Egypt’s Managing Director Eleanor Rowley highlighted the company’s commitment to drilling activities and programs, pointing out the company’s ambition to cooperate with the Egyptian petroleum sector to implement an important program to overcome the challenges of declining production.

she also mentioned the company’s efforts to add new wells to the natural gas production map in the coming period, expressing her appreciation for the efforts of the Bapetco teams during the past year, praising the important results achieved in the field of reducing carbon emissions.

Badawi affirmed that the new investment incentives for production partners and the availability of modern technology provide good opportunities to increase oil and gas production from the Western Desert and meet the challenges of natural decline in fields.

Furthermore, the minister emphasized the importance of increasing drilling activities during the coming period in the Western Desert and supporting the use of various technologies in exploration and production operations.