CAIRO – 14 October 2024: Agiba Petroleum Company achieved a record gas production of 84 million cubic feet per day during FY2023/2024, according to a statement from the Ministry of Petroleum and Mineral Resources.
The company also boosted its reserves by 9.2 million barrels of oil equivalent through extensive exploration and development activities.
During the general assembly to approve its performance results, Agiba’s Head, Tharwat El-Gendy, outlined key business indicators in the presence of the Minister of Petroleum and Mineral Resources, Karim Badawi.
Agiba’s total investments during the fiscal year amounted to approximately $417 million. The company maintained an average daily output of 44,000 barrels of oil equivalent by drilling 34 development wells and four exploratory wells. Through alternative resource optimization strategies, it achieved 28,800 barrels of oil per day from the total production.
El-Gendy also announced the construction of a new state-of-the-art station to treat oil-associated water with a capacity of 45,000 barrels per day.
The recycled water will be reintegrated into production processes, yielding both environmental and economic benefits while enhancing production efficiency.
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