Qarun Petroleum Co., an Egyptian company partly owned by Apache Corp., will drill eight development wells in the Fayum concession southwest of Cairo in the fiscal year ending June 2012, the Oil Ministry said.

Qarun Petroleum, which produced 60,000 barrels of crude a day in August, is expected to add 17 million barrels of oil to its 268 million barrels of reserves this year, the Cairo-based ministry said today in a faxed statement.

Egypt holds Africa’s sixth-largest oil reserves, with 4.5 billion barrels, and the continent’s third-biggest gas reserves, with 78 trillion cubic feet, according to data from BP Plc. The country produced 736,000 barrels a day of oil and 61.3 billion cubic meters of gas last year, the data showed.

Source: Bloomberg