Egypt: Agiba Petroleum makes $417mln investments in FY2023/24

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Egypt - Agiba Petroleum Company has invested around $417 million during the elapsed fiscal year (FY) 2023/2024, Chairman Tharwat El Gendy announced during the company’s general assembly.

The company managed to maintain production levels by achieving an average production capacity of 44,000 barrels of oil equivalent daily.

This was achieved by drilling 34 development wells and four exploration wells.

This is in addition to adopting alternative solutions to maximize the use of available resources, such as intensifying rigless operations and using modern technologies, allowing the firm to achieve an average production of 28,800 barrels of oil a day from the achieved production.

Furthermore, the company’s gas production hit a record high, with an average of 84 million cubic feet per day.

The company’s exploration and development activities also contributed to increasing the reserves by 9.2 million barrels of oil equivalent.