Khalda, Qarun petroleum firms’ output boosted in FY2016/17

CAIRO – 15 August 2017: Khalda Petroleum Company (KPC) invested $502 million in its concessions in fiscal year 2016/17, achieving 105 percent from production plan, head of KPC Khaled Mowafy said Tuesday.

KPC, which is a joint venture between the Egyptian General Petroleum Corporation (EGPC) and U.S. oil and gas giant Apache, produced 107 million barrels of equivalent oil in the previous fiscal year.

During a meeting with Minister of Petroleum Tarek El-Molla to announce annual results, Mowafy stated that KPC added 56 million barrels, including 34 million barrels of crude, 6 million barrels of condensates and 83 billion cubic feet of gas.

Over the previous fiscal year, KPC drilled 56 wells where 13 percent of them are exploration wells; seven of them achieved petroleum records, Mowafy said.

The meeting was also attended by head of Qarun Petroleum Company (QPC), Mohsen al-Nuby, who reviewed financial results of the company.

QPC spent $137 million in FY2016/17, saving $17 million from the initial budget of the company’s operations, Nuby said.

Apache’s joint venture with EGPC drilled 14 new wells and it also added 1,900 barrels per day to increase total daily production to 35,500 barrels.

Total annual production amounted to 13 million barrels of equivalent oil and 7.6 million barrels of crude.