Badr El Din: 8 new oil discoveries with reserve surpassing 10M barrels

CAIRO - 24 August 2020: Badr El Din Petroleum Company on Monday announced it made eight new oil discoveries with an estimated reserve of 10.6 million barrels during the fiscal year 2019-2020, according to a statement issued by the Petroleum Ministry.

Petroleum Minister Tarek El Molla affirmed, during the meeting of the general assembly to endorse the outcomes of the company operations, the importance of prioritizing occupational safety and health alongside providing a safe work environment for the workers and productive assets in light of the COVID 19 precautionary measures adopted by the Ministry.

The minister asserted the significance of keeping giving chance for the youth to shoulder responsibility with leaders in the decision making process.

Meanwhile, Badr El Din Petroleum Company Chairman Salah Abdel Karim said as many as 44 development wells have been drilled during the current fiscal year along with 115 exploratory others, bringing the average production rate of the company to 114,000 barrels per day.

The daily production of the company includes 38,000 barrels of crude oil, while the daily gas sales reached 423 million cubic feet, the chairman noted.

The company has achieved estimated savings of dollars 24 million, within the framework of the current expenditure rationalization policy, he added.