ICEC

Egypt’s PetroSilah Petroleum adds 8mn barrels of crude oil to general reserve

PetroSilah Petroleum Company added 8 million barrels to its general reserve during 2015, Chairman Taher Abdel Rahim stated Tuesday.

He said that the company increased its production rate of crude oil to reach 13,000 barrels per day through boosting development processes in its concession areas.

PetroSilah’s natural gas production is currently estimated at around 2-3 million cubic feet daily from one well, the chairman clarified. Those amounts of natural gas are used in generating electricity in power plants in locations of wells and fields owned by the company.

Throughout its history, PetroSilah had drilled 45 production wells including 8 wells in 2015, i.e. two exploratory wells and six developmental wells, Abdel Rahim noted.

The current strategy of PetroSilah is relying on saving solar amounts that have been used to generate power since the company has depended on oil extracted from its wells to generate electricity.

Chairman Abdel Rahim pointed out that this strategy participates in securing around 10 million Egyptian pounds for the company annually.

Petrosilah is a joint venture between Egypt’s EGPC and American oil company Merlon International.

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