During the proceedings of the general assemblies of the two companies, the minister shed light on steps for rallying efforts to implement a working plan that is capable of meeting the production needs through increasing oil resources from crude, gas and distilled products after the oil price rise in international markets, said a statement issued by the ministry.

CEO of Khalda Petroleum Co Said Abdel Meneim expected the volume of initial investments to reach $900 million, pointing out that 100 development and exploration wells will be drilled.

For his part, Qarun’s CEO Ashraf Abdel Gawwad said his company plans to produce over 20,000 barrels of crude oil in fiscal year 2022-2032 with investments worth $242 million .