Mohamed Adel
We saved $155,000 daily on drilling expenses during FY 2015/2016, says Abdel Azim
Khalda Petroleum Company has reduced the cost of oil produced from the Apache concession area in the western desert to $4.5 per barrel in the first quarter of the current fiscal year, down from $5.
Mohamed Abdel Azim, head of the Khalda Petroleum Company, told Daily News Egypt that the company successfully reduced costs by $0.5 per barrel through obtaining discounts on services and equipment contracts used to carry out drilling operations.
He explained that the company saved $155,000 per day on crude oil production costs in the last fiscal year, as the cost per barrel was lowered from $6 in the fiscal year (FY) of 2014/2015 to $5.
