Egypt’s Khalda Petroleum Company (Apache) uncovered 7 new oil and gas discoveries in the country’s Western Desert area during the fiscal year 2015/2016, in addition to drilling 50 new wells and completing work on 191 wells. These accomplishments came as part of the company’s initiatives to develop crude oil and condensates production plans, reported Al Borsa News.
Khalda’s CEO, Mohamed Abd Al Azzim, stated that production rates reached 153,000b/d of crude oil and 480mcf/d of gas, resulting in a total daily production rate 317,000b of crude oil, condensates and natural gas. The company’s reserves of petroleum reached over 52mb of crude oil and condensate, as well as 118bcf of gas.
Abd Al Azzim added that the foreign partner, US Apache, invested $796m to fund explorations and field improvements during the fiscal year 2015/2016.
This comes as Egypt Oil&Gas has previously reported that the Egyptian Prime Minister, Sherif Ismail, met with the US oil and gas producer, Apache Corporation, to discuss the company’s plans to inject investments in Egypt on new explorations to cover the necessary requirements for petroleum products.