Petrogulf Corporation plans to invest $50 million in the fiscal year (FY) 2018/19, as the company is conducting a program that includes a number of projects aiming to boost infrastructure efficiency and rehabilitate, renew and develop the health, safety and environment (HSE) systems, said Samy Abdel Fattah, head of the company, Egypt Oil & Gas reports.

The company is conducting a work program that includes drilling two exploratory wells in North Gasoum and North-North Gasoum areas, which is expected to add 11 million barrels of crude oil to reserves.

Petrogulf drilled a development well as a part of its plan to increase production in the FY 2019/20 as the current production level reaches 4,700 barrels per day (b/d), Abdel Fattah stated.

Abdel Fattah’s statement came during the visit of the Minister of Petroleum Tarek El Molla to the company’s fields.