Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, reviewed Rosetta and Burullus Company’s budget, as well as that of Badr El Deen Petroleum (BAPETCO) for fiscal year 2017/2018 during the companies’ general assemblies, according to a press release on the ministry’s website.
BAPETCO’s CEO, Emad Hamdy stated that the company made four discoveries during the first half of fiscal year 2016/2017 of which 3 wells were added to production. These wells boosted the company’s production to 138,000b of oil equivalent. The 4th well, which is considered the biggest discovery in the Western Desert, has reserves estimated at 0.5tcf of gas, with a possibility to increase beyond that level. The company aims to increase production to 143,000b of equivalent during January 2017. Hamdy added that BAPETCO allocated $321m investments during fiscal year 2017/2018 to be used in drilling 8 exploratory wells and 24 development wells.
Meanwhile, Rosetta and Burullus Company’s CEO, Hesham Al Attar, pointed out that the company is preparing to launch maintenance work in phase 9B that includes linking 8 wells to the facilities in West Delta Deep Water with production rate 387mcf/d of gas. It further aims to add 351bcf and 3.4mb of condensates to strategic reserves with total investments around $950m.
Rosetta and Burullus Company plans to add 9 wells in Taurus and Libra fields located in the North Alexandria Concession to production in the 2nd quarter of 2017.