Qarun Petroleum Company produced an average of 23,000 b/d of oil, with total investments of $127 million during fiscal year (FY) 2020/21, the company’s chairman, Ashraf Abdel Gawad, stated.

The production is a result of the company’s continuous implementation of a well productivity improvement program using the latest methods for treating obsolete wells,  Abdel Gawad noted, adding that Qarun Petroleum used the latest designs, and applied the highest operating standards to maintain the life of the wells and achieve maximum productivity.

This came during the general assembly chaired by Minister of Petroleum and Mineral Resources, Tarek El Molla, to review the company’s performance in 2020/21, the ministry said in a statement.

Qarun Petroleum successfully achieved savings of around $9.4 million through rationalizing expenses and optimizing the company’s resources, Abdel Gawad said, pointing out the participation of the company’s employees in the middle leadership qualification program and the safety capacity building program within the framework of the oil and gas sector’s modernization project.

For his part, El Molla referred to the global challenges that faced the oil industry during the past year as a result of the Coronavirus pandemic, noting that the coming period will witness a growth in petroleum activities as a result of improved prices. “This paves the way for increasing investments and making new discoveries and then increasing production,” El Molla said, adding that building strategic partnerships with foreign partners, including Apache International, had a good impact in facing the challenges imposed by the pandemic.