Khalda Petroleum Company has allocated $747 million of investments in the budget for fiscal year (FY) 2019/20, said the company’s General Manager, Khaled Mowafy, Egypt Oil & Gas reports.

The company plans to drill 35 exploratory wells and 44 development wells and to complete wells to achieve an average production of 134,000 barrel per day (b/d) of crude oil, 28,000 b/d of condensates, 106 tons of butane and 750 million standard cubic feet per day (mmscf/d) of natural gas, Mowafy noted.

Khalda Petroleum made 11 oil discoveries during FY 2018/19, including West Luxur-1X, West Heronifer-6x, and South East Mansour-1x, Mowafy added in the general assembly chaired by Minister of Petroleum, Tarek El Molla, to review the company’s budget plan.