Agiba Petroleum reports strong performance FY23/24

Agiba Petroleum has reported strong operational results for FY23/24 on Monday, despite facing significant challenges, including insufficient number of drills. Total investments reached $417 million, and the company maintained stable production levels, averaging 44,000 barrels of oil equivalent per day (bpd).

Tharwat El-Gendy, Managing Director of Agiba Petroleum, highlighted that the company drilled 34 development wells and four exploratory wells, utilising modern technologies and rigless well interventions. These efforts resulted in an average daily oil production of 28,800 barrels and a historic gas production achievement of 84 million cubic feet per day. The company also increased reserves by 9.2 million barrels of oil equivalent through exploration and development.

A notable project was the high-productivity 3D seismic survey in Meleiha Phase 2, which used advanced technology to reduce risks. The project logged nearly two million working hours without incidents, with seismic data expected by July 2024.

Agiba also brought gas wells in the Qarmid field into production and is constructing a water treatment facility with a capacity of 45,000 bpd to enable water reuse in production processes. Road safety improvements and efforts in cost-saving, energy efficiency, and digital transformation were also highlighted.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama