Minister of Petroleum and Mineral Resources Tarek El Molla was briefed on the operational results of Badr Petroleum Company (Bapetco), Rashid Petroleum Company (Rashpetco) and Burullus Gas Company.
This came during the general assembly meetings of the three companies headed by the minister to approve their proposed budget plans for the fiscal year (FY) 2023/24.
Bapetco Chairman Khaled Mansour stated that the company’s production rates reached 79,000 barrels of oil equivalent (boe) during the H2 2022. He added that the company also succeeded in adding reserves of 0.8 million barrels of oil equivalent (mmboe) during H1 of FY 2022/23.
The company plans to drill new six wells during H2 of FY 2022/23 to increase reserves by 8.8 mmboe besides drilling sakr -1 well by its partner Capricorn company in its South Abu Sennan during ongoing February, Mansour said.
Additionally, the chairman presented the company’s planned projects in 2023/24 with investments worth $439 million.
Moreover, the Chairman of Rashpetco and Burullus Gas Company Mohamed Samir stated that the company’s gas production reached 278 million cubic feet per day (mmscf/d) representing 149% of the target in addition to 6,000 barrels of condensates per day during the H1 of 2022/23 due to unexpected increase of Phase-9 reserves.
He added the company is planning for starting Phase-10 project which targets drilling three wells to produce 150-200 mmscf/d and 2,000 barrels of condensates.
Samir presented the plan of the company for the coming FY which includes the restoration of remaining and scattered reservoirs and the re-examination and evaluation of deep exploration layers using modern seismic studies, as well as the technical review of gas reservoirs for further development during future phases.
For his part, El Molla highlighted the necessity of adopting new plans and ideas to increase Egypt’s production of oil and gas. He stressed on accelerating the start of Phase-10 project of Rashpetco by using latest technologies to get benefits of the high gas prices globally and meet the domestic market needs.
