The chairman of Badr El Din Petroleum Co (Bapetco), Sabry El-Sharkawy, on Wednesday said that his firm invested about $202 million in fiscal year 2016/2017, according to a statement by the Ministry of Petroleum (MoP).
The company’s average production rate from Egypt’s Western Desert’s fields increased to 131,000 barrels of oil equivalent (BOEs), El-Sharkawy added during the firm’s annual general meeting (AGM) to approve the financial results for FY16/17.
He noted that 23 development and exploration wells have been drilled for crude oil and gas production.
Extractable reserves reached approximately 328 million barrels of crude oil and condensates, as well as 4,779 billion square feet of gas.
(Source: Mubasher Info)