Egypt

Approving the planning budget for the Agiba and Pharaonic Petroleum companies

Published on : 2020-02-24

Engineer Tariq Al Mulla, Minister of Petroleum and Mineral Resources, stressed the importance of maximizing the benefit from modern and advanced technologies in research and exploration activities and developing and producing crude oil, and working to find unconventional solutions to increase and raise the efficiency of existing fields to maintain production rates and face the natural decline in the productivity of wells and benefit from the facilities available to maximize  And increase Egypt's production of crude oil.

 This came during the presidency of the Minister of Petroleum for the meeting of the General Assembly of the Agiba Petroleum Company to approve the planning investment balances for the fiscal year 2020/2021 in the presence of the first Undersecretary of the Ministry for Agreements and Exploration and the heads of the Petroleum Authority and EGAS and deputies of exploration and production and oversight of foreign and joint companies and the head of Italian IOC.

 During the meeting, Engineer Mohamed Baydoun, President of Agiba Petroleum Company, explained that 34 developmental wells were drilled during the first half of the fiscal year 2019/2020, and managed to achieve many successive successes, including raising the production of the southwestern Maliha field to currently exceed about 9500 barrels of oil per day in record time,  Some improvements and development were also made in Faras and Al Ashrafi fields, which resulted in an increase in production exceeding 1000 barrels of oil per day, which contributed to increasing the company's production from 44 thousand barrels of oil per day at the beginning of 2019/2020 to currently reach 49 thousand barrels of oil per day, indicating that it was done  Tala-1x well was drilled and tested and under evaluation, as is underway  We are preparing to dig two other wells in Maliha and southwest of Maliha, pointing out that the implementation of the Southwest Maliha pipeline project with a diameter of 10 inches and a length of 130 km has been completed, and he added that the company is maximizing the benefit of the gas produced by increasing the capacity of the power station in the fields of Maliha and Faras  Which reduces the rate of diesel consumption, and the company is keen to follow and achieve the highest standards of occupational safety and health and environmental protection.

 He added that it is planned to invest about $ 577 million during the year 2020/2021 to maintain production rates for 2019/2020, a plan to drill 5 exploration wells, 58 development wells and 184 well repairs.

 On the other hand, Eng. Tariq Al-Mulla headed the General Assembly of the Pharaonic Petroleum Company, where he emphasized the speedy completion of the projects currently being implemented, strict adherence to occupational health and safety standards and the application of environmental preservation requirements.

 During the meeting, Eng. Mohamed Samir, President of the company, explained that the production plan was achieved 100% during the first half of 2019/2020 from its three concession areas (Ras El Bar, North Damietta, North of the tower), where the company's production reached 435 million cubic feet of gas per day and about 8 thousand  A barrel of condensate daily, referring to the proposed plan for 2020/2021 that includes placing the wells Atoll-4 and Qatameya QTS-1 on production with investments estimated at about 277 million dollars to maintain the current production rates and face the natural decrease in the productivity of wells, pointing to the near completion of construction work for the project  Atoll field in the Elg treatment plant  It came in Port Said with a total investment cost of $ 41 million, which includes a condensate treatment unit with a capacity of 15 thousand barrels per day and two condensate tanks with a total capacity of 120 thousand barrels, in addition to the construction of a 10-inch diameter condensate pipeline with a length of 7 km from the Port Said land station to the beautiful site, and added  It is planned to install an additional marine cable from the land station to the Atoll field to enhance the operation and automatic control of production facilities for deep water wells at an investment cost of $ 80 million.

 In the field of exploration, he pointed out that the company is implementing a joint work program with BP and IOC for drilling to assess success rates after the results of the feasibility study revealed the possibility of drilling an exploration well for the Oligocene layer - East Azores deep region for subsurface wells with the Ras Al Bar concession, and the company is also doing  Exploratory exploratory studies in the same region with the deep oligocene layer, which resulted in the possibility of petroleum reservoirs under the Atoll field, according to the data collected and processed after a three-dimensional seismic survey.

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