The Minister of Petroleum and Mineral Resources, Tarek El Molla, chaired the general assemblies of Qarun Petroleum Company and Khalda Petroleum Company to review their fiscal year (fy) 2016/2017 operations, Egypt Oil & Gas reports.

Egypt experienced a boom in petroleum investment and exploration, El Molla said, due to many reasons, including the government’s encouragement of the oil and gas sector and Egypt’s ongoing political stability.

The head of Khalda Petroleum, Khaled Mowafy, noted that the company had invested $502 million and had exceeded its production plans, producing 105% of its planned output. It produced 107 million barrels of oil equivalent (BOE) and added around 56 million BOE to its reserves–approximately 34 million barrels of oil, 6 million barrels of condensates, and 83 billion cubic feet of natural gas.

The company drilled 56 wells, including 13 exploratory wells. Seven of the 13 were successful, resulting in a 54% success rate.

Mowafy also noted that Khalda Petroleum had adopted a plan to decrease operational and productions costs.

The head of Qarun Petroleum, Mohsen En Noubi, reported that the company drilled 14 new wells and added 1,900 barrels of oil equivalent per day (BOE/D) to production. The increased output boosted production to 35,500 b/d, resulting in annual production of 13 million BOE. The company further added 7.6 million barrels of crude oil to its reserves.

At the same time, he noted, the company reduced its total expenditures to $137 million, cutting costs by $17 million (11%).