Qarun Petroleum Company plans to invest $238 million during fiscal year (FY) 2019/20, increasing by 30% compared to last year, said the company’s chairman, Ashraf Abdel Gawad, Egypt Oil & Gas reports.

The company will drill 25 development wells and 10 exploratory wells in FY 19/20 and it plans to produce 41,000 barrels per day (b/d), Abdel Gawad stated during the general assembly chaired by the Minister of Petroleum, Tarek El Molla, to review the company’s budget plan.

Qarun is expected to add 8,600 b/d of crude oil by the end of FY 18/19, raising its average production to 34,700 b/d of crude oil, with total investments of $183 million to drill four development wells and 11 exploratory wells.

Around 18 employees at Qarun passed the youth and middle-management training program, which comes as a part of the Ministry of Petroleum’s Modernization project, Abdel Gawad noted.