Magawish Petroleum boosts investment to increase output in FY 24/2025

Magawish Petroleum Company (MAGAPETCO) has approved a budget increase for the fiscal year 2024/2025, raising its investment allocation by $2 million to reach $8.7 million, the Egyptian Ministry of Petroleum and Mineral Resources announced on Tuesday.

The additional funds are designated for two completed development wells, which are currently undergoing evaluation and production preparations. These efforts are part of MAGAPETCO’s ongoing strategy to optimize operational readiness.

For the upcoming fiscal year 2025/2026, the company has also approved a preliminary budget of $6.6 million. This will support the drilling of one exploratory well and one development well, reflecting MAGAPETCO’s commitment to expanding its operational footprint and boosting production capacity.

MAGAPETCO is targeting an annual output of 365,000 barrels, equivalent to a daily average of 1,000 barrels. Simultaneously, the company is focused on reducing production costs to enhance efficiency and competitiveness.

In line with these goals, Trident Petroleum, a key partner specialising in oil and gas exploration, highlighted the critical role of the ongoing studies. These studies aim to identify new development opportunities, particularly in the mature Magawish Field, to drive future growth.

The expansion efforts have received backing from Mohamed Mohie, Deputy CEO for Exploration and Agreements at the Egyptian General Petroleum Corporation (EGPC), who emphasised the strategic importance of optimising the field’s potential for sustained production.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser