Agiba Petroleum plans drilling 55 Exploratory and Developmental Wells at End-June

Egypt’s Agiba Petroleum Company seeks to complete the drilling of 55 exploratory and developmental wells, with total investments of around US$357 million by end of next June, chairman said on Wednesday.

Mostafa El Bahr – Agiba’s Chairman and Managing Director- stated that the company’s strategy for 2015 is based on raising the production rates in all its concession areas. In last few months, company’s oil production rates reached around 60.000 barrels per day.

Agiba is a joint venture between the state-owned Egyptian General Petroleum Corporation (EGPC) and Italy’s ENI and tasked with operation works in Maliha field concession area.

Within the past years, Agiba’s production has been doubled thanks to the exploration works made on deep layers in the Western Desert, El Bahr stated.

Moreover, the chairman clarified that company’s current production would fulfill great part of local market’s needs of petroleum products to accordingly lead to a shrink in the amount of imported fuel.