Total investment expenditure of Qarun Petroleum Company hits $206M

CAIRO - 16 August 2018: The total investment expenditure of Qarun Petroleum Company stood at $206 million during the 2017/2018 fiscal year, the company's chairman, Ashraf Abdel-Gawwad, said.

He noted that 25 new wells were dug, thus contributing to upping daily oil production to 49,000 barrels by the end of June 2018.

The total annual output reached 12 million barrels of oil, he added.

He expounded that coping with up-to-date technology in digging and production processes contributed to rationalizing costs.

Petroleum Minister Tarek Molla - who chaired the company's general assembly meeting on Thursday - underlined the importance of the current action programs of petroleum companies operating in the Western Desert, especially with regard to expanding the use of modern technology to up production and reduce costs.