Arab Finance: Offshore Shukheir Oil Company’s (Osoco) general assembly meeting approved the proposed budget for the fiscal year (FY) 2025/2026, according to an official statement.
Salah Abdel Karim, CEO of the Egyptian General Petroleum Authority, chaired the meeting, during which the company developed an exploration plan to add new reserves of crude oil by drilling two exploratory wells.
In line with the company’s objectives to increase production rates, Osoco seeks to produce 8,000 barrels per day of crude oil, 15 million cubic feet per day of gas, and 230 barrels per day of condensates.