Rashid Petroleum (Rashpetco) and Burullus Gas Company plan to invest $500 million in fiscal year (FY) 2019/20, Sabry El Sharkawy, the two companies head said, Egypt Oil & Gas reports.

The new FY will witness the completion of adding the 9B phase project well to production map, El Sharkawy said. The companies completed drilling four wells and linking two of them to production during the Q4 of 2018 and they are going to add the remaining six wells to production map gradually until the Q1 of 2020.

The companies plan to drill Monto, Scorpion,and Mohr wells, which have promising probabilities, El Sharkawy stated, adding that the companies are currently working on deciding which wells to work on during the tenth phase, which follows the 9B phase.

Moreover, the company plans to pump investments totaling $500 million to execute different projects, including the 9B phase project, and the construction of a pipeline connecting the West Delta Deep Marine (WDDM) gas fields, which witnessed completing the installation and final tests for actual operation at a cost of $30 million.

In addition, the investments will be used to complete the onshore facilities joint project with the WDDM at a cost of $43 million, El Sharkawy pointed out.

El Sharkawy’s comments came during the general assembly chaired by Minister of Petroleum Tarek El Molla, to review the companies’ budget plans for 2019/20.