Egypt Oil and Gas newspaper (EOG) learned that PetroShahd Company is waiting for the confirmation of the fiscal budget during their current meeting of the board of administration.
The confirmation is awaited to let PetroShahd implement the production plan which is due to be started in the last quarter of the 2010-1011 fiscal year, in the company’s fields in its concession within the Western Desert. The plan focus on boosting the production rates of the crude oil.
EOG acknowledged that PetroShahd is working on increasing the reserves of crude oil to reach 6520 bpd at the end of 2011. Meanwhile, the company’s production volume is 3250 bpd from its concession in the Western Desert.
It’s worth mentioning that PetroShahd is joint venture company between EGPC and the Chilean firm Sipetrol.