Engineer Kareem Bedawi, Egypt’s Minister of Petroleum and Mineral Resources, emphasized the importance of ongoing efforts to overcome challenges in increasing production rates. He praised the continuous dedication of workers in various production sites, commending their innovative solutions to tackle these obstacles. Bedawi also mentioned that the current fiscal year will witness increased investments in drilling and well development, thanks to the fruitful cooperation between entities in the petroleum sector and international partners.

These remarks came during the General Assembly to approve the results of Agiba Petroleum Company for the fiscal year 2023/2024. The Minister praised Agiba’s exceptional approach in addressing the shortage of drilling rigs while maintaining stable production levels. He highlighted that embracing innovative solutions, advancing technology, and fostering teamwork are essential to ensuring continuous progress in the oil sector and unlocking new opportunities for success. Bedawi also stressed the importance of ensuring a safe working environment through ongoing education and awareness efforts to protect workers from risks.

Additionally, the Minister lauded the successful partnership with Eni and the efforts to reduce emissions in Agiba’s operations. He noted the implementation of the “JABA” project, which utilizes cutting-edge technologies to monitor operational safety and ensure proper safety measures are in place for personnel.

Engineer Salah Abdel Karim, CEO of the Egyptian General Petroleum Corporation (EGPC), expressed pride in this partnership, commending Agiba’s team for their outstanding performance over the past year in facing significant challenges. He encouraged further efforts to enhance exploration and production activities, especially with the current support creating a promising environment for future achievements.

Engineer Tharwat El-Gendy, in his performance report, revealed that Agiba’s total investments for the past fiscal year reached $417 million. Despite the reduction in drilling rigs from 6 to 1 and well maintenance units from 6 to 4 as of March, Agiba maintained stable production with an average of 44,000 barrels of oil equivalent per day. The company drilled 34 development wells and 4 exploratory wells, and introduced alternative solutions such as intensifying rigless operations and employing advanced technologies, which resulted in an average daily production of 28,800 barrels of oil.

Furthermore, Agiba recorded a milestone in its gas production, reaching 84 million cubic feet per day for the first time. The company also increased its reserves by 9.2 million barrels of oil equivalent through exploration and development activities. A key project noted was the high-density 3D seismic survey in the Meleiha area, which utilized advanced technology to minimize risks in exploration and development. The project achieved nearly 2 million man-hours without incidents, with seismic data collection completed in July 2023 and analysis expected by July 2024.

Other significant achievements included the production of gas from the Qarameed field in the Western Desert and the completion of the first phase of the integrated safety and early shutdown system. Additionally, Agiba is working on a new water treatment facility with a capacity of 45,000 barrels per day, aimed at recycling water for production, offering both environmental and economic benefits. The company is also upgrading key roads in the Meleiha area to improve safety for its workers.

The meeting was attended by top officials from the Ministry of Petroleum, including Dr. Geologist Alaa El-Batal, Dr. Geologist Samir Raslan, Engineer Ihab Ragai, and representatives from EGPC, EGAS, and Eni.