Khalda Petroleum Company’s – a joint venture (JV) between Egyptian General Petroleum Corporation (EGPC) and Apache -investments are expected to reach $792 million during Fiscal Year (FY) 2020/21, according to a press release.

During the company’s general assembly meeting, Samir Abaadi, Chairman and Managing Director of Apache, noted that these investments will go toward drilling 80 wells; 29 exploration wells, and 51 development wells. In addition, existing wells will be completed to reach a production rate estimated at 150,000 barrels of crude oil and condensates per day (bbl/d), 715 million cubic feet of natural gas per day (mmcf/d), and 1,357 barrels of butane.

As for the FY 2019/20 adjusted budget, Abaadi clarified that it includes $732 million of targeted investments, with an $80 million increase to drill 67 wells of crude oil and natural gas; 30 exploration wells; and 37 development wells.

Abaadi added that H1 of FY 2019/20 witnessed the drilling of 30 exploration and development wells to sustain reserves and production of crude oil and natural gas.

Furthermore, Abaadi mentioned that many measures were taken to develop the infrastructure for production. This includes completing the Bat-Apries pipeline ahead of schedule and developing Gad fields for natural gas. Additionally, a plan to reduce fuel consumption is underway, and it will contribute to reducing the cost of a barrel.

During the meeting, the Minister of Petroleum and Mineral Resources, Tarek El Molla stressed on adhering to implementing new exploration and production (E&P) projects in a timely manner, in addition to updating the health, safety, and environment (HSE) measures, and improving the efficiency of the Western Desert infrastructure as per the Modernization Project.

The meeting was attended by David Chi, the Vice-President of Apache and General Manager for Apache – Egypt.