Khalda Petroleum Company Chairman Saeed Abdel Moneim reviewed the most important performance indicators and targets for the next fiscal year (FY), indicating that it is planned to invest approximately $1 billion during FY 2024/25.

This came during the General Assembly meeting of Khalda Petroleum Company to discuss and approve the amended investment budget for FY 2024/25, and the new budget for FY 2025/26.

Khalda Petroleum Company Chairman Saeed Abdel Moneim reviewed the most important performance indicators and targets for the next fiscal year (FY), indicating that it is planned to invest approximately $1 billion dollars during FY 2024/25.

Abdel Moneim stated that in the field of exploration and discovery, Khalda Petroleum Company achieved 10 oil discoveries during the first half of the current fiscal year. These discoveries have contributed to adding a total expected reserve (proven and probable) estimated at approximately 35 million barrels of oil equivalent (mmboe).

Among the most prominent of these discoveries are the West Fewebs-1X well with a production capacity of 6,400 barrels of oil per day (bbl/d) and 25.5 million cubic feet of gas per day (mscf/d), and the AHMOS-3X well with a production capacity of 28 mscf/d of gas and 153 barrels of condensates, in addition to the WD-9-E1X well with a production capacity of 1,710 bbl/d of oil.

Minister of Petroleum and Mineral Resources Karim Badawi affirmed that the Western Desert region still possesses significant potential that can be exploited through innovative drilling methods such as horizontal drilling and hydraulic fracturing, working to increase oil and gas production.

Badawi pointed out that global energy companies that participated in the CERAWeek conference in the US earlier in March 2025 expressed a strong desire to work in this field in the Western Desert of Egypt.

The Minister emphasized the importance of intensifying exploration and drilling operations, working to increase production in parallel with preparing the existing infrastructure to receive more production and establishing new facilities to accommodate the added production volumes.

For his part, Apache Corporation’s Vice President and Managing Director in Egypt Greg McDaniel indicated that the Western Desert region possesses significant resource potential and that the company seeks to acquire more concession areas and expand its business portfolio in Egypt.

Regarding development activities, Abdel Moneim explained that during the first half of the current fiscal year, 31 wells were drilled to increase the company’s production, including 20 crude oil producing wells, eight water injection wells, and three gas producing wells. Additionally, 60 recompletion operations were carried out, resulting in an achievement rate of 87% for crude oil and condensates, and 86% for natural gas.

As for the second half of the current fiscal year, it is planned to drill 29 crude oil and natural gas wells. Additionally, 51 recompletion operations will be carried out, along with the completion of 11 exploratory wells.

The company will also begin the second phase of the oil field digitization project, in addition to the project to develop distributed control systems in all the company’s gas processing plants, alongside upgrading the safety system.