Qarun oilfields records highest productivity of 30,000 bpd during 2019/20

CAIRO – 1 September 2020: Qarun oilfields achieved the highest productivity during the fiscal year of 2019/2020, recording 30,000 barrels per day (bpd) , with investments worth $190 million, according to Head of Qarun Petroleum Company Ashraf Abdel-Gawad.

Abdel-Gawad attributed the hike in production to the implementation of a work program to improve the productivity and operation of obsolete wells, in addition to the drilling program for new exploration and development wells.

He clarified that the $190 million investments included drilling 13 new exploration and development wells, and 120 repairing operations to the wells.

This came during the Egyptian Minister of Petroleum Tarek El Molla chairing, via video conference, the general assembly meeting of the Qaroun Petroleum Company to approve the results of its work for the fiscal year 2019/2020.

Abdel-Gawad added that the expenditure rationalization program has achieved positive results through its contribution to achieving $11 million in savings, through the optimal use of available resources and their distinct use.

He pointed to the company's participation in the framework of community development in sterilizing a number of villages in Beni Suef Governorate, and contributing to the provision of medical supplies as part of the preventive measures and measures to help and support the people of the areas surrounding the production fields in the face of the Corona pandemic.

Oil Minister emphasized the importance of upgrading all aspects of activities of the company in light of the current challenges facing the oil industry at the international level.

He also underlined the necessity of coordinating efforts with international partners for improving the performance of the oil sector in Egypt.