Khalda Petroleum Company to invest $800m next fiscal year

CAIRO - 6 June 2017: Khalda Petroleum Company (KPC) plans to drill 53 development wells and 38 exploration wells in fiscal year 2017/18, with $800 million in investments, Minister of Petroleum Tarek El-Molla said Monday.

The investments will be made in some KPC’s fields in the Western Desert, which are estimated to produce 151,000 barrels of oil, condensates and Butane gas per day. In addition, the wells will also produce 800 million cubic feet of gas per day, over the next fiscal year, Molla said.

KPC, which is a joint venture between the Egyptian General Petroleum Corporation (EGPC) and US-based Apache Corporation, will start seismic surveys in Kalabsha West along with Khalda's 3 fields, Molla also stated.

As part of the Ministry’s efforts to reduce expenditures, Molla said, " KPC has saved $32 million in spending over the current fiscal year."

Established in 1985, KPC is working in 16 concessions in the Western Desert, and is considered the biggest gas producer in that region.