Rashid Petroleum Company (Rashpetco) and Burullus Gas Company’s Chairman Mohamed Samir explained that the company has strengthened its exploration efforts to add new production and reserves.

He elaborated that the company achieved natural gas sales during the fiscal year amounting to 263 million cubic feet of gas per day (mcf/d), 187% of the target.

This came during the general assembly of Rashpetco and Burullus Gas Company, attended by Minister of Petroleum and Mineral Resources, Tarek El Molla.

The company’s production rate reached about 5,530 barrels per day (bbl/d) of condensates, and this is due to the increase in the stock of the ninth phase (b) more than expected and the success of the diligent efforts to reduce the rates of natural decline, as well as the effort made to avoid any breakdowns or unplanned maintenance of the production facilities station.

The company is currently preparing the tenth phase, which includes drilling and completing three wells to accelerate and put this phase on production, aiming to produce about 150-200 million cubic feet of gas and about 1,500 to 2,000 barrels of condensate per day, with investments of $277 million.

A program has been developed to drill and complete the eleventh phase using all elements of the tenth phase, including a drilling rig, supply vessels, and contracts. This will help put the wells of the eleventh phase on the production map in a timely manner. Thus, the targeted production from the two phases together will be about 270-300 million cubic feet per day of gas and 4,000-5,000 barrels of condensates daily.