Badawi follows up on production, development plans of 5 oil companies

Updated 7/28/2024 9:01:00 AM

Arab Finance: Five Egypt-based oil companies have presented their production and development plans to Minister of Petroleum and Mineral Resources Karim Badawi as part of his field visit to several onshore and offshore concessions across the country, according to a statement.

Belayim Petroleum Company (Petrobel) is planning to drill two exploratory wells in the South Feiran and A-8 areas, with the aim of developing a combined reserve of 8 million barrels and achieving daily production of up to 2,000 barrels, the company’s Chairman Khaled Mowafy revealed.

The company is currently probing 14 exploration opportunities with total reserves of 55 million barrels, while focusing on developing unconventional reservoirs with reserves estimated at 10.5 million barrels.

In addition, Chairman of the Suez Oil Company (SUCO) Mohamed El-Khayat announced his company’s short-term plan to double production within the second quarter (Q1) of this fiscal year (FY) via well rehabilitation and development drilling.

SUCO also seeks to expand its business outside its current development area, including the southwestern region of Ras Budran oil field, El-Khayat said.

Meanwhile, CEO of PetroGulf Misr Abdelwahab El Meghawry unveiled his company’s plan to achieve zero flaring of natural gas by replacing diesel-powered generators with ones run on gas.

El Meghawry also pointed out that PetroGulf has added 13.2 million barrels of oil to its reserves, bringing the total remaining reserves to 85 million barrels.

Furthermore, Chairman of Offshore Shukeir Oil Company (OSOCO) Walid El-Aasar said that his company aims to drill four exploratory wells, presenting a plan with an expected daily production of 8,500 barrels by the end of FY 2026/2027.

Chairman of Gulf of Suez Petroleum Company (GUPCO) Salah Abdel Kareem also said that the company is planning to drill five new oil development wells in the North Safa and Al Wasl fields.