Saeed Abdel Moneim, Chairman of Khalda Petroleum Company stated that the company’s average production recorded 220,000 barrels of oil equivalent per day (boe/d) during the fiscal year (FY) 2022/23 after pumping new investments amounting to about $1.2 billion.

He said that during the general assembly meeting of Khalda Petroleum Company, which was chaired by the Minister of Petroleum and Mineral Resources, Tarek El Molla.

During the meeting, Abdel Moneim reviewed the most important results of the work and activities carried out in the company’s fields in the Western Desert during the fiscal year 2022/2023, which witnessed remarkable development after the merger between the Kekhalda and Qarun Petroleum companies under the Khaleda umbrella.

The chairman said that 91 wells were drilled to increase production and develop reserves, in addition to drilling and completing 37 exploratory wells. These efforts resulted in achieving 28 new discoveries during the year with a reserve of 35 million barrels of oil equivalent (mmboe), the most notable of which was the discovery achieved in the East Bravo X1 well, with a production rate exceeding 6,300 barrels and about 4 million cubic feet of  natural gas (mmcf).

For his part, El Molla confirmed that the merger that took place between Khalda and Qarun is part of the sector’s Modernization Program to raise the performance of petroleum entities, enhance efficiency and governance, and rationalize expenditures without compromising production plans, in addition to maximizing the value that is achieved for shareholders.