Qarun Petroleum plans $190 million in investments for FY 2017-18
Qarun Petroleum Company (QPC) plans to inject $190 million in investments in the fiscal year 2017 – 2018, said a press release. “The company seeks to drill 14 wells in FY2017 – 2018,” said Mohsen El-Noby, Chairman.
The company’s average daily production recorded 37 barrels up 11% from the previously established target at the first half of the current fiscal year 2016 – 2017, added El-Noby.
QPC was established on August, 13th 1995, as an operating company for EGPC and the group consisting of Phoenix Resources Company of Qarun, Apache Oil Egypt Inc, and GNR Seagull at Qarun area of the Western Desert covered by the concession agreement.