Agiba Petroleum Company, under the leadership of its Head, Tharwat El Gendy, has announced its intention to inject $500 million into the Egyptian market during the upcoming fiscal year 2024/2025 (FY24/25), as revealed during the company’s general assembly.

In FY24/25, Agiba is setting its sights on achieving a daily production rate of approximately 30,000 barrels of crude oil and 119 million cubic feet of natural gas.

Additionally, the company has outlined plans to execute drilling operations for seven new exploration wells in the Mleiha and southwest Mleiha regions.

During a virtual general assembly, Hossam Zaki, President of Pharaonic Petroleum Company (PhPC), disclosed that the company has successfully attained daily production rates of 400 million cubic feet of gas and 9,300 barrels of condensates throughout FY23/24.

These announcements were made during the virtual general assemblies of Agiba and Pharaonic petroleum firms, where the draft budget for FY2024/2025 was ratified.

Earlier in February, Minister of Petroleum and Mineral Resources, Tarek El Molla, articulated Egypt's ambition to augment foreign investments in the oil and gas sector by approximately 25 percent, aiming to reach $7.5 billion in FY2024/2025.

According to El Molla, foreign investments in the sector totaled $5.6 billion in FY2022/2023, compared to $4.7 billion in FY2021/2022.

Moreover, Egypt witnessed a 14.3 percent surge in natural gas exports in 2022, culminating in a total of $8.4 billion, reflecting a remarkable 140% year-on-year increase.