Egypt’s Agiba Petroleum Company has recently managed to boost the annual production of oil equivalent to 60,000 barrels through 6 different development fields.
In this respect, Mostafa El Bahr – Chairman and Managing Director of Agiba Petroleum – affirmed that the company in the past three years doubled its volume of production in the light of adopting new strategies to increase production of its fields and wells located.
A key factor to the increase in production rates, El Bahr referred to the significant impact of the promising results in Agiba’s Amry deep exploration field.
The Amry deep exploration has witnessed the drilling of 2 new wells. Those 2 wells had added 10.000 oil barrels per day to the company’s production. In addition, the maintenance of two other wells had generated around 2500 barrels, whereas a third existing well had been activated through the hydraulic fracturing process to enhance the water injection quality.
Meanwhile, Agiba recently announced plans to pump new investments worth US$ 357 million to drill 55 wells in the fiscal year 2014-2015 in order to raise the production rates and the petroleum reserves.
Agiba Petroleum Company is a joint venture between the state-owned Egyptian General Petroleum Corporation (EGPC) and Italy’s ENI.