The North Baharia Petroleum Company (Norpetco) held its General Assembly meeting on January 26th to discuss and approve the amended budget for the fiscal year (FY) 2024/25 and the original budget for FY 2025/26.
The meeting was chaired by Salah Abdel Kerim, Chairman of the Egyptian General Petroleum Corporation (EGPC).
During the meeting, Khaled El-Sheshtawy, Norpetco’s Chairman; and Mohamed El Naka, General Manager and Managing Director, reviewed all the company’s activities and achievements regarding the two budgets.
They pointed out that the 2024/25 amended budget amounted to an estimated $101 million compared to the original budget estimated at $115 million, which included drilling 12 development wells.
The development expenditures, which amounted to $58 million, were also reviewed, including the electricity grid, the Abrar production station and shipping line, and the water injection project. The total planned production amounted to 6.02 million barrels.
The proposed budget for FY 2025/26 was also reviewed, which amounted to $117.9 million, and included drilling 13 wells; one exploratory well and 12 development wells.
Development expenditures amounted to $66.3 million, and included new water injection projects, asset development, storage tanks, the Abrar and South Abrar terminals, and the completion of the Karama shipping line.
