WEPCO Chairman Ibrahim Masoud said that the Western Desert Operating Petroleum Company (WEPCO) managed to produce 9 million barrels of oil (mmbbl) from brownfields and achieved a 400% increase in extractable reserves from 3.5 mmbbl to 17 mmbbl.

This came during his presentation of the company’s current operational results while at the general assembly meeting of the company and Badr El Din Petroleum Company, which was chaired by the Minister of Petroleum and Mineral Resources Tarek El Molla, to approve their budget plan for the fiscal year (FY) 2023/24.

Masoud presented the working plan for his company in the next FY 2023/24 and the expected amounts of received and traded crude oil as well as the ongoing projects in the frame of the facilities, expansions, and increased storage capacities at the Al Hamra Petroleum Port area.

For his part, El Molla affirmed that the ministry’s strategy focuses on increasing the efficiency of the specialized petroleum ports which include the Al Hamra Petroleum Port as part of its target to become a regional hub for trading oil and gas.

Also, during the presentation of Badr El Din’s working plan in the Badr-1 field in the Western Desert, the minister stressed the importance of continuing to increase and intensify the company’s work to achieve more success praising the company’s employees who are providing good and integrated job to maximize the production from the brownfields at low costs.