The Minister of Petroleum and Mineral Resources, Tarek El Molla, headed the general assembly meeting of Rashid Petroleum Company (Rashpetco) to review the adjusted budget for Fiscal Year (FY) 2019/20, and the planning budget for FY 2020/21, according to a press release.

During the meeting, Sabry El Sharkawy, Chairman and Managing Director of Rashpetco, affirmed that the final three wells in the 9B Phase in the West Delta Deep Marine will be linked to production during upcoming months. These wells are expected to add an initial production rate of around 180 million cubic feet per day of natural gas (mmcf/d), and approximately 11,000 barrels of condensates.

Furthermore, El Sharkawy added that phase 10 is still under evaluation. This phase is expected to add initial reserves of approximately 236 billion cubic feet of natural gas (bcf).
El Sharkawy also explained how deep exploratory layers were targeted for the first time in the company’s history in the Swan East well. “These layers have succeeded in increasing the preliminary production rate to 110 mmcf/d of natural gas, with an increase of about 50 mmcf than expected,” he said.

He added that FY 2019/20 budget targets pumping investments estimated at approximately $167 million, in addition to drilling Monteau well with an initial cost of around $99 million.

During the meeting, El Molla stressed the importance of adhering to the specified timelines to develop wells and link them to production, in addition to intensifying exploration activities to increase crude oil and natural gas production to help fulfill the country’s needs for natural gas and petroleum products.

The meeting was attended by Ashraf Farag, the Ministry’s First Undersecretary for Agreements and Exploration; Abed Ezz El Regal, CEO of the Egyptian General Petroleum Corporation (EGPC); Osama El Bakly, Chairman of the Egyptian Natural Gas Holding Company (EGAS); Khaled Kacem, Chairman and Managing Director of Shell Egypt; and other official executives.