Egypt rolls out $1 billion for oil exploration in Western Desert
Egyptian companies are planning more than $1 billion in investments in the oil and natural gas sector in the Western Desert region.
Two oil companies affiliated with the Egyptian Ministry of Petroleum are planning to invest more than $1 billion in oil exploration in the Western Desert.
During a virtual meeting held April 28, the head of Khalda Petroleum Co., Saeed Abdel Moneim, said about $830 million is expected to be invested during the 2021-22 fiscal year as part of a plan to search for oil and gas and develop production fields in the company’s concession areas in the Western Desert. The fiscal year starts in July.
Abdel Moneim said the plan calls for drilling 87 wells, including 35 for exploration and 52 for development, or production. This should help achieve an average daily production of about 130,000 barrels of crude and condensate oil, in addition to 630 million cubic feet of natural gas, he added during the meeting.
The meeting involving officials from Khalda Petroleum and Qarun Petroleum Co., held to discuss the planning budget for the 2021-22 fiscal year, was chaired by Tarek el-Mulla, the minister of petroleum and mineral resources.
