Egypt’s Agiba Petroleum Company has achieved daily production rates amounting to around 69.000 barrels of crude oil, in its oilfields locating in Western Desert and Gulf of Suez.
Agiba Petroleum Company, a joint venture between the state-owned Egyptian General Petroleum Corporation (EGPC) and Italy’s ENI.
The company ranks fourth in terms of the volume crude oil production on the local level after Khalda, Petrobel, and Gabco.
This reflects the Egyptian petroleum sector’s strategy to maximise oil production rates without an increase in its planned spending.
The recent figures were mentioned in a report submitted Wednesday to the Egyptian Oil Minister Sherif Ismail from Agiba’s Chairman Mostafa El Bahr.
According to the report, the successful rate increase was notably triggered by achieving promising results in the Amry deep exploration, where two new wells were discovered. This raised the field’s total production by 10.000 barrels of oil per day.
