Saeed Abdel Moneim, as Chairman of Khalda Petroleum Company, declared an investment injection totaling $1.2 billion for the fiscal year 2024/25. The initiative includes the drilling of 42 exploratory wells alongside 81 development wells in the Western Desert region. 

This announcement came during the company's general assembly meeting, chaired by Minister of Petroleum and Mineral Resources Tarek El Molla, where Khalda's plans for 2024/25 and progress in 2023/24 were presented for budget approval.

Abdel Moneim further disclosed that Khalda plans to finalize seismic data processing programs for the Abu Gharadig basin and Shushan-West of Kalabsha, slated to commence in March 2024. The company's objective is to achieve an average daily production of 270,000 barrels of oil equivalent per day (boe/d).

Reviewing the accomplishments of the first half of the fiscal year 2023/24, the Chairman highlighted ten discoveries made by Khalda, contributing to increased production. Currently, the company boasts a production rate of approximately 269,000 boe/d from its Western Desert fields. The assembly also scrutinized the latest advancements in the company's projects.

Minister El Molla emphasized the imperative of enhanced collaboration between the petroleum sector and its international partners to tackle prevailing challenges in the oil and gas industry. He underscored the need to escalate exploration and production activities to bolster production rates.