Agiba’s reserves hike in FY2016/17

CAIRO – 22 August 2017: Agiba Petroleum Company amplified its petroleum reserves to 10 million barrels of crude and 39 billion cubic feet of gas in fiscal year (FY) 2016/17, company head Alaa El-Batal said on Tuesday.

In a meeting with Minister of Petroleum Tarek El-Molla, Batal said that Agiba completed digging 36 wells over the previous fiscal year.

Total investments of the company reached $212 million, Batal said, stating that they added 17,000 barrel of equivalent oil, pushing total production to reach 47,000 barrel of equivalent oil and 17.5 million cubic feet of gas per day.

Agiba saved $17.7 million from their FY 2016/17 budget, Batal said.

Founded in 1981, Agiba is a joint venture between the Egyptian General Petroleum Corporation (EGPC) and Italy’s Eni.

Agiba operates Maliha and West Razzak concessions in the Western Desert.
The Ministry of Petroleum launched a sector development program that aims to develop oil and gas exploration, discovery and production, attract foreign investments, restructure the sector’s companies, develop petrochemicals and refineries industries, and improve skills of human resources.

Investment by foreign oil firms in Egypt rose to $8.1 billion in 2016-2017 from $6.6 billion a year earlier, Petroleum Minister Tarek el-Molla said last week.

The Ministry of Petroleum said in June that Egypt had reduced arrears owed to foreign oil companies to $2.3 billion.

Egypt's fiscal year runs from July to June.