Badr El Din Petroleum Company (Bapetco), drilled  13 new wells and repaired 39 wells in its operating areas in the Western Desert since the beginning of fiscal year 2024/25, stated the company’s chairman, Ashraf Abdel Gawad. This contributed to achieving production rates of 56,000 barrels of oil equivalent per day (boe/d), 190 million cubic feet of natural gas per day (mmcf/d), and 22,000 barrels of condensate.

These results were achieved through maintenance, repair, and leveraging the expertise and excellence of the company’s human resources, said Abdel Gawad during Bapetco’s General Assembly meeting to approve its investment budget for the FY 2025/26 and the amended budget for the current FY 2024/25.

In addition to leaders from the petroleum sector, the meeting was attended by  Cheiron and Capricorn Energy companies, which coown Bapetco together with the Egyptian General Petroleum Corporation (EGPC).

Abdel Gawad noted that the company’s exploration plans include drilling 8 new exploratory wells: 4 high-yield wells expected to add 250 million barrels of crude oil in reserves, in addition to 4 more wells in the Badr 3, 15, and 16 areas with reserves of 33 million boe.

Additionally, Abdel Gawad pointed out that the company aims to inject investments worth $350 million to support and increase production rates in 2025/26. This will be achieved by drilling 34 new wells using 4 drilling rigs. There are also plans to increase the number of wells to 47.

During the meeting, Minister of Petroleum and Mineral Resources, Karim Badawi, affirmed the importance of concerted efforts and full and continuous cooperation between the petroleum sector and investment partners, with the aim of increasing local production rates of oil and gas.

The Minister stressed that this can be achieved through maximization of productivity from existing fields, speeding up the development of new discoveries, alongside efficient management of petroleum reservoirs, and intensifying exploration and research activities in various concession areas.

Eleanor Rowley, Managing Director of Capricorn Energy Egypt, affirmed her company’s support for increasing activities in Bapetco’s concession areas and implementing a seismic survey program for exploration. She also indicated that the increase in the number of rigs operating in the area is a positive indicator, in addition to the success achieved in reducing greenhouse gas emissions.