Egyptian Badr El Din Petroleum Co (BAPETCo) approved its budget for fiscal year 2015-16 after boosting investments volume by 15 percent to reach US$438 million, chairman Emad Hamdy stated Sunday.
In a statement, Hamdy said the rise in investments is due to the increase in firm’s projects and drilling activities since it has drilled 14 developmental and exploratory wells during the first half of the financial year, registering 100 percent drilling rate.
The chairman noted that Bapetco has put a number of wells and fields into operation -notably Al-Abyad, Nyag, and Setra- that participated in compensating the natural decrease in wells and boosting production rate.
He added that Bapetco has completed the developmental well Karam-8 and testing its production with around 60mcf and around 800 b/d of condensates.
Hamdy noted that Karam-8 well is set to be put into production at the beginning of February 2016.