The Chairman of Borg El-Arab Petroleum Company (BORAPETCO) Smai El Shahat announced that the company achieved a boom while implementing its production plan for the current fiscal year (FY) 2024/25.

This came during the general assembly meeting of the company to approve its planned budget for the FY 2025/26.

He elaborated that the company achieved the production plan by 113% of Borg El-Arab fields, 103% of Abu Sennan fields, and 100% of west Wadi El Natrun compared to the targeted plan. The chairman added that BORAPETCO produced 1.2 million barrels of oil during H1 of FY 2024/25 reflecting the excellent performance of the company.

Additionally, El Shahat explained that Kuwait Energy company continued pumping investments to the company’s various concession areas amounting to $67.7 million to drill four exploration wells at Abu Sennan, Borg El Arab and West Natrun in addition to other five developmental wells to increase the production.

El  Shahat stated that the company allocated $43.8 million in the planned budget of FY 2025/26 to complete its developmental and exploratory drilling projects in parallel with focusing on improving productivity and maximizing economic returns.

The Chairman highlighted the company’s interest in cooperation with the foreign partner in the field of enhancing the energy efficiency and reducing the use of fossil fuel.

EGPC Chairman Salah Abdel Kerim praised the efforts made and called on the company to continue its efforts in the exploration and development field, provide energy and reduce the cost of the barrel, praising the achievements made and commending the partnership model with Kuwait Energy Company inside and outside the country. He stressed the importance of continuing to improve operational efficiency and applying the highest standards of occupational safety and health to support the national economy and enhance the company’s production capacity.