Cairo – Mubasher: Qarun Petroleum Company is looking to invest $170 million during fiscal year 2020/2021.
These investments are planned to be directed for the production of 33,000 barrels of crude oil per day (bpd) at East Baharia Extension 3 area, the company’s chairman Ashraf Abdel Gawad said in a statement released by the Egyptian Ministry of Petroleum on Thursday.
The company plans to drill five new development wells as well as one exploratory well at the area, Abdel Gawad added.
In addition, Qarun’s plan for the second half of FY19/20 includes increasing crude oil output by drilling six development wells and two exploratory wells.
It is noteworthy that during H1 of FY19/20, Qarun drilled seven development wells and one exploratory well.