El Hamra Oil Company announced that it targets to increase product rates to 8,500 barrels per day (bbl/d) through drilling ten developmental wells with costs amounts to $7.1 million.
This came during the general assembly meeting of the company headed by Egyptian Petroleum General Corporation (EGPC) Chairman Salah Abdel Kerim to discuss and approve the modified budget plan of fiscal year (FY) 2024/25 and the budget plan of FY 2025/26.
El Hamra Oil Company Chairman Mohamed Shehata explained all the company’s activities and achievements, in addition to the proposed drilling and development plan to be implemented during the remaining period of 2024/25, as well as next year, with the aim of increasing crude oil production rates, which exceeded the average daily production of 5,500 bbl/d.
He also stated that the amended budget for the fiscal year 2024/2025 amounted to $54.91 million, compared to the original budget, which estimated at $57.91 million.
The company’s exploration activity expenses during the FY 2024/25 were reviewed, which amounted to $3 million, including drilling one exploration well. The development activity expenses were also discussed , which amounted to $30.5 million, including drilling seven development wells and re-completion of five wells; in addition to a well to drain the purification water associated with production.
As part of its social responsibility program, El Hamra Oil Company cooperated during the FY 2024/25 with the foreign partner IPR and the Sehtna Foundation, to launch a project to develop and upgrade the efficiency of Al Hammam Central Hospital in Matrouh Governorate. The project includes purchasing medical devices and equipment for all hospital departments, which contributes to improving the quality of medical services provided and reducing waiting lists.
Human cadres are also trained to use these devices. The total cost of the project is EGP 25 million, and Al Hamra Oil Company will contribute EGP 4 million, while the rest of the cost will be financed by sister companies.
The company aims to increase its community contribution during the FY 2025/26 by EGP 11.7 million, in the areas of environmental protection, water provision, and access to clean energy, in line with the United Nations Sustainable Development Goals.