Minister of Petroleum and Mineral Resources Tarek El Molla chaired the general assemblies for Khalda Petroleum Company and Qarun Petroleum Company to approve the budget plans for the fiscal year (FY) 2022/23 and the revised budget for 2021/22, the ministry said in a statement.

During the meeting, El Molla pointed out the need for concerted efforts to implement a plan of action that meets ambitions with regard to increasing the production of petroleum wealth from crude, gas and condensates, especially with the current rise in international oil prices. The minister further addressed the necessity of raising the efficiency of performance and strict adherence to safety and environmental protection standards. This comes in addition to the importance of continuous employee training and digital transition systems that facilitate timely decision-making.

Khalda Petroleum Company’s Chairman, Saeed Abdel Moneim reviewed the most important indicators of the next fiscal year, as he explained that the initial investment volume is expected to reach $900 million. He noted that drilling development and exploration activities are set to witness the drilling of more than 100 wells. This will help achieve an average daily production 132,000 barrels of crude oil, condensate and butane, as well as 631 million cubic feet (mcf) of natural gas.

Meanwhile, Qarun Petroleum Company’s Chairman Ashraf Abdel-Gawad stated that it plans to produce about 20,500 barrels of oil per day (bbl/d) during 2022/23 with investments of $242 million. This target is set to be achieved based mainly on a drilling program that includes 27 exploration and development wells. He added that the repairs, maintenance, re-running, and completion of wells will continue to achieve the highest production rates and maintain high rates throughout the average lifespan of wells.