Cairo – Mubasher: The chairman of Agiba Petroleum Company, Alaa Al-Battal, on Tuesday announced that the company invested $212 million in fiscal year 2016/2017.
Al-Battal said, during the company’s annual general meeting (AGM) to approve the financial results for FY16/17, that the firm added 17,000 barrels of oil equivalent (BOEs) to its output of crude oil and natural gas, according to a statement by the Ministry of Petroleum.
The company’s total production of BOEs reached 50,000 per day, equivalent to 47,000 barrels of crude oil and condensates per day and 17.5 square feet of natural gas per day, as a result of drilling 36 wells, he highlighted.
He stressed that the petroleum reserves of Agiba’s fields increased by 10 million barrels of crude oil and 39 billion square feet of natural gas.
TEKMOR Note: Agiba Petroleum Co. is one of the many subsidiaries of EGPC. Others are: General Petroleum Co.; Suez Oil Processing Co.; Cairo Petroleum Refining Co.; El Nasr Petroleum Co.; Alexandria Petroleum Co.; The Egyptian Petrochemical Co.; Amerya Petroleum Refining Co.; Assuit Petroleum Refining Co.; Petroleum Cooperative Societies; Misr Petroleum Co.; Petroleum Gases Co.; Gulf of Suez Petroleum Co.; Petrozeit Co.; Offshore Shukeir Oil Co.; Western Desert Petroleum Co.; Belayim Petroleum Co.; Suez Oil Co.; Geisum Oil Co.; Badr El Deen Petroleum Co.; El Amal Petroleum Co.; Sea Gull; The Arab Petroleum Pipelines Co.; The Egyptian Drilling Co. Petroleum Projects and Technical Consultations Co.; Egyptian Natural Gases Co.
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