Khalda Petroleum Company achieved 110% of its oil production plan and 99% of gas production plan during FY 2017/18, Egypt Oil & Gas reports.
The company also produced 93% of its condensates target and 77% of its butane production plan in the last fiscal year.
Khalda, a joint venture between Apache and the Egyptian General Petroleum Corporation (EGPC), made 16 oil discoveries and finished 153 well operations. It also drilled 49 oil production wells along with seven gas production wells in FY 2017/18.
Apache signed a $9 million agreement with EGPC on July to drill seven oil wells in the East Bahariya concession, with a signature grant of $30 million, Egypt Oil & Gas previously reported.
Apache will drill three out of these seven wells by the end of 2018, an anonymous source at the Ministry of Petroleum told Al Shorouk. It expects the initial productivity rates of the wells to be around 5,000 barrels per day.