Khalda Petroleum to Invest $810m
Wednesday, 11th January 2017
An official from Khalda Petroleum Company, a joint venture between the Egyptian General Petroleum Corporation (EGPC) and US Apache, stated to Egypt Oil&Gas that the company allocated $810m investments in the budget of fiscal year 2017/2018 that are planned to be invested in drilling 33 exploratory wells and in completing the 3D seismic analysis program in West Kalabsha and Khalda 3.
He added that Khalda Petroleum Company further plans to drill 52 development wells. The company eyes boosting production of crude oil and condensates to reach around 151,000b/d as well as producing 800mcf/d of gas.
The source added that the company succeeded in making four new discoveries and drilling 13 development wells during the first half of fiscal year 2016/2017. He pointed out that the company is following a program to rationalize expenses , as advised by the Ministry of Petroleum. Thus, Khalda Petroleum decreased expenses by $18m during the first haf of 2016/2017, and it is planning to decrease it by $35m through the whole fiscal year.