US’ Merlon has allocated $66 million investments in fiscal year (FY) 2018/2019 budget for exploration and production operations, through its subsidiary in Egypt Petrosilah, Al Mal News reports.

Petrosilah, which is a joint venture between Merlon and the Egyptian General Petroleum Corporation (EGPC), is about to start conducting a seismic survey in its concession areas to discover new potential wells to be drilled and to increase its current 60 million barrel reserves of oil and gas, Petrosilah’s Head, Taher Abdel Rahim, stated.

Petrosilah had launched a tender to conduct a seismic survey on the northern area of its Fayoum concession, where a US firm was chosen, Abdel Rahim said, adding that the survey will be finalized before the end of 2018, and the company will instantly start drilling.

Petrosilah spent $30 million, which is around 55% of the$54 million allocated in the budget of FY 2017/2018, on developing the concession area; drilling new wells; and purchasing new equipment, Abdel Rahim pointed out, adding that the company currently produces 7,800 barrel per day (b/d) of crude oil.