Qarun Petroleum: $257m-investments to drill 12 wells during Egypt’s FY2016/17

Egypt-based Qarun Petroleum Company approved Thursday new investments of US$257 million among its budget for financial year 2016/17 to drill 12 new wells in Qarun oil fields in Beni Suef governorate.

Chairman Mohsen El-Noby stated that the company is currently adopting a plan to boost total production of Qarun fields which is currently estimated at 37,000 barrels of crude oil.

Qarun Petroleum has established an additional treatment subunit at its main plant for crude oil treatment whose capacity is estimated at 50,000 barrels daily.

This comes to upgrade the efficiency of company’s main treatment plant that encompassed three treatment units, the official pointed out.

The subunit project has been executed by Egyptian Maintenance Company (San Masr) with total cost estimated at around US$1.1 million.

Moreover, El-Noby clarified that Qarun Petroleum company exerts efforts to rationalise expenditures and lower production cost.