Oil & Gas

Bapetco invested $202 million in FY 2016/17

bapetcoThe 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)


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s