Cairo – Mubasher: Qarun Petroleum Company has invested around $206 million during fiscal year 2017/2018, chairman Ashraf Abdel Jawad said.

The company drilled around 25 new wells at its fields in an effort to ramp up oil production to 4,900 barrels per day (bpd) at the end of June, according to a statement by the Egyptian petroleum ministry.

The company’s annual output amounted to nearly 33,000 barrels of oil per day, and around 13 million barrels were added to crude reserve, 7% up from oil produced over the year, Abdel Jawad added.

Qarun’s costs decreased on the back of applying a new technology at the Nile west area in Beni Suef to drill wells, he highlighted.

This came on the sidelines of the general meeting of Qarun Petroleum headed by the petroleum minister Tarek El-Molla to endorse the company’s financial results for FY17/18.