Cairo – Mubasher: Agiba Petroleum Company is looking to inject $577 million in investments during fiscal year 2020/2021, the company’s chairman Mohamed Baydoun said.

The company aims to maintain output rates of FY19/20, Baydoun added in a statement on Monday.

Five exploratory wells and 58 development wells will be drilled, he noted, adding that 184 wells will be repaired.

During the first half of FY19/20, the company drilled a total of 34 development wells and raised the crude oil output of Southeast Maliha field to 9,500 barrels per day (bpd).

In addition, Fars and Ashrafi fields were developed, leading to an increase in oil output to more than 1,000 bpd.

Accordingly, the total oil output of Agiba increased to 49,000 bpd from 44,000 bpd at the beginning of FY19/20.