Minister of Petroleum and Mineral Resources Tarek El Molla has chaired the general assemblies of Agiba Petroleum Company and Pharaonic Petroleum Company to approve their budget plans for fiscal year (FY) 2022/23 and the recommended budget for FY 2023/24.

During the meeting, the Chairman of Agiba Petroleum, Tharwat El Gendy, said that the company set an investments plan for FY 203/24 worth $618.4 million aiming to produce about 32,000 barrels per day (bbl/d) of oil in addition to 80,000 million cubic feet of natural gas (mmcf/d).

He added that the company has achieved its target during the current FY 2022/23 of producing 64 mmcf/d for the first time since its launch noting that it targets to maximize its production to reach 100 mmcf/d through using its facilities in Obayed concession in the Western Desert.

El Gendy said also that Agiba’s modified plan budget for FY 2022/23 is worth $619 million, compared to $553 million due to the increase of the developmental and discovery activities.

Additionally, the Chairman of Pharaonic Petroleum, Hossam Zaki, announced that his company achieved the target of H1 for FY 2022/23 by 100% and that the production rates reached 449 mmcf/d of natural gas in addition to 9,000 barrels of condensates per day. He also presented the recommended plan for FY 2023/24 which includes drilling the exploratory well “Osiris” in Ras El Bar concession area in order to evaluate the total reserves.

For his part, El Molla stressed the importance of intensifying the exploration and production (E&P) of oil and gas and drilling more exploratory wells with the partnership of international companies praising the fruitful cooperation between the petroleum sector and the foreign partners.