Agiba Petroleum invested $212 million in FY16/17
The chairman of Agiba Petroleum Company, Alaa Al-Battal, on Tuesday announced that the company invested $212 million in fiscal year 2016/2017.
Al-Battal said, during the company’s annual general meeting (AGM) to approve the financial results for FY16/17, that the firm added 17,000 barrels of oil equivalent (BOEs) to its output of crude oil and natural gas, according to a statement by the Ministry of Petroleum.
The company’s total production of BOEs reached 50,000 per day, equivalent to 47,000 barrels of crude oil and condensates per day and 17.5 square feet of natural gas per day, as a result of drilling 36 wells, he highlighted.
He stressed that the petroleum reserves of Agiba’s fields increased by 10 million barrels of crude oil and 39 billion square feet of natural gas.