Chairman of Magawish Petroleum Company (Magapetco), Hamdi Hanafi, affirmed that his company’s investment plan for the 2015/2016 fiscal year includes pumping investments of over EGP 70m into its Hurghada concession area.

As it stands, the company currently produces from about 11 wells, with plans to develop and connect 5 new development wells.

Hanafi also said that Magapetco works in accordance with an integrated scheme for the maintenance of producing wells. He further told Al-Mal newspaper that that the company’s total cumulative production since it began operating in 1995 amounts to more than 22m barrels of crude oil.

Magapetco represents the fruit of cooperation between EGPC and Trident, working under supervision of Ganope.

Source: Al-Mal