Egypt

Khalda makes four new petroleum discoveries in FY20/21

Published on : 2021-09-15

Khalda Petroleum Co. (KPC) made four petroleum discoveries during fiscal year (FY) 2020/2021 with total reserves of about 21 million barrels of oil equivalent.

The company's total investments reached $594 million, while the average daily output included 615 million cubic feet of gas, about 115,000 barrels of crude oil and condensates, and about 1,000 barrels of butane, according to a statement by the Ministry of Petroleum and Mineral Resources on Wednesday.

The petroleum sector made major achievements in exploration, drilling, and development fields last year despite the challenges posed by the pandemic, the Minister of Petroleum and Mineral Resources, Tarek El-Molla, said during the company's general assembly held for approving the business results for FY20/21.

Khalda Petroleum Co. drilled 34 wells and resumed the drilling of 106 wells, in addition to establishing pipelines for oil and gas with total lengths of 55 kilometres (km), the company's Chairman, Saeed Abdel Moneim, said.

Work is underway for building new pipelines at Menis, Om Baraka, Barakat, and Aton with total lengths of 42 km, Abdel Moneim added.

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