During the General Assembly meeting of Khalda Petroleum Company, Minister of Petroleum and Mineral Resources, Karim Badawi, emphasized the significance of increasing investment in Egypt’s oil and gas exploration, particularly in the Western Desert. He highlighted the importance of accelerating natural gas production and leveraging advanced technologies to boost output and address industry challenges.

Badawi noted that these efforts align with existing partnerships, especially with international companies like Apache, and stressed the importance of utilizing the recently introduced investment incentives. These incentives serve as essential tools offered by the petroleum sector to encourage higher oil production, benefiting both the industry and its partners.

The meeting, held via videoconference, aimed to approve the results for fiscal year 2023/24. Khalda Petroleum Company, a joint venture between the Egyptian General Petroleum Corporation (EGPC) and Apache Corporation, showcased strong performance indicators for the year.

Chairman Saeed Abdel Moneim reported that the company succeeded in maintaining and increasing its productivity despite challenges. Khalda's oil, condensate, and natural gas output from the Western Desert fields averaged 220,000 barrels of oil equivalent per day (boe/d). Notably, crude oil production rose from 113,600 barrels per day (b/d) in FY 2022/23 to 121,000 b/d in FY 2023/24.

These results were achieved thanks to an investment of $1.3 billion, supporting exploration, production, and field development efforts. The company drilled 23 successful exploration wells during the year, while 92 wells were drilled for field development. Additionally, 133 well completion operations were conducted to enhance the efficiency of crude oil, condensate, and gas production.

Greg McDaniel, Acting Vice President and Country Manager for Apache’s Egypt assets, reiterated the company's commitment to implementing advanced technology in its operations to support production growth and overcome challenges.