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Cairo 03-09-2019 / WAM
The Egyptian Ministry of Petroleum and Mineral Resources announced the drilling of 10 exploration wells in the Western Desert in the Eastern Bahriya region.
The ministry said in a statement today that its efforts and operations in this regard resulted in putting wells in the production circle in record time with an average daily production of 5,000 barrels of oil.
The results for FY2018 / 2019 show that what has been achieved in this promising region represents about 16% of the current production of Qarun and that what has been spent on research and exploration activities exceeds what has been spent during the past three years.
The statement added that based on these results, we are currently working with partners to develop an ambitious development plan at an investment cost of about $ 237 million during the fiscal year 2019/2020.
He pointed out that the average daily production of the company during the year reached 31.7 thousand barrels of oil per day using the latest methods and the total investment of about 182 million dollars.
He explained that the reserve has been increased by about 24 million barrels as a result of research and exploration work and the combined efforts of all employees to reach the proven reserves of Qarun Petroleum 69 million barrels by the end of the fiscal year 2018/2019.
