Saeed Abdel Moneim, Chairman of Khalda Petroleum Company, has announced that the company will pump investments worth $1.2 billion and drill 42 exploratory wells, in addition to other 81 development wells in the Western Desert during fiscal year (FY) 2024/25.

He said that while presenting Khalda’s plan in FY 2024/25 and its progress in 2023/24 during the general assembly meeting of the company chaired by the Minister of Petroleum and Mineral Resources Tarek El Molla to approve its planning budget.

Abdel Moneim added that Khalda will complete the processing programs of the seismic data of Abu Gharadig basin and Shushan – West of Kalabsha which is expected to start in March 2024. He also said that the company targets to achieve average daily production of 270,000 barrels of oil equivalent per day (boe/d).

Additionally, the Chairman reviewed what was achieved during H1 of FY 2023/24. He elaborated that Khalda achieved ten discoveries helped in increasing production, noting that the company produces around 269,000 boe/d from its fields in the Western Desert. During the meeting, they also reviewed the latest developments of the company’s project.

El Molla highlighted the importance of intensifying cooperation between the petroleum sector and its international partners to face the current challenges in the oil and gas industry. He also stressed the necessity of intensifying the exploration and production operations to improve production rates.