Bapetco's budget ratified as Shell increased investment to $438 million this year
Drilling of 14 exploratory and developmental wells with 100% of drilling plan achieved during first half of current fiscal year.
Badr El Din Petroleum Company (Bapetco) General Assembly Meeting, chaired by Eng. Tarek El-Molla, Minister of Petroleum and Mineral Resources, ratified the company’s amendment to the fiscal year 2015/2016 budget, and also ratified the budget for the fiscal year 2016/2017.
The meeting was held in the presence of Dr. Sherif Sousa, First Undersecretary of the Ministry of Petroleum for Gas Affairs, Eng. Mohamed Taher, First Undersecretary of the Ministry of Petroleum for Petroleum Affairs, Eng. Mohamed El-Masry, CEO of Egyptian General Petroleum Corporation (EGPC), Eng. Khaled Abdel Badie, Head of Egyptian Natural Gas Holding Company (EGAS), Mr. Aidan Murphy, Chairman of Shell Egypt, Mr. Tom Maher, General Manager of Apache Egypt, as well as the Chairmans of French Engie and Chinese PetroChina.
Eng. Emad Hamdy, Bapetco’s Chairman, noted that the 2015/2016 budget was ratified after foreign partner Shell increased its planned investment by 15% to be $438 million due to the increase in drilling and project activities. Eng. Hamdy said that 14 exploratory and developmental wells were drilled during the first half of the fiscal year, contributing to the the company’s increase in production to reach 143 thousand barrels of oil equivalents per day, a 21% increase on plan, with an average daily production of 500 million cubic feet of gas and 51 thousand barrels of oil and condensate.
Eng. Hamdy demonstrated the new exploratory wells that were put on production, most notably Obaiyed, Niag and Setra wells, and how these wells compensated for the natural depletion of wells and contributed to the increase in production rate. Eng. Hamdy also reported the completion of the drilling of Karam-8 developmental well and testing its production with approximately 60 million cubic feet of gas and 800 barrels of condensate per day, and it is planned for the well to be put on production next February to compensate for the natural depletion of reservoir pressure in the Badr-3 fields, and to reach the expected maximum capacity of 310 million cubic feet of gas per day.
Eng. Hamdy explained that the 2016/2017 budget was also ratified, with an investment of $343 million which includes drilling of 13 exploratory and developmental wells, water injection works for oil wells, employment of hydraulic fracturing and foams in oil and gas production, and facilities and technologies.
Badr El Din Petroleum Company (Bapetco) is the operator of North Abu El Gharadig concession area (Shell and Apache partnership), and Alam El Shawish concession area (Shell, Engie and Petrochina partnership).
(Source: Ministry of Petroleum)