Royal Dutch Shell Plc allocates total investments worth US$ 555 million for oil discoveries and explorations in Egypt for the fiscal year of 2013/2014, chairman of Shell’s local partner, Badr El Din Petroleum Company told Amwal Al Ghad on Saturday.
Eng. Emad Hamdy – the Chairman of Badr El Din Petroleum Company (BAPETCo) – said Royal Dutch Shell Plc has increased its volume of investments in Egypt by 68%, compared to the previous fiscal year. Shell is seeking to boost the exploration and production of oil in Egypt.
Pumping higher investments would represent Shell’s confidence in the investments climate in Egypt as well as its willingness to bolster Egyptian oil production, Eng. Hamdy noted.
Meanwhile, Eng. Hamdy referred that BAPETCo is planning to increase its production rates within the coming period to hit by mid-2014 500 million cubic feet of gas per day and around 40.000 barrel of crude oil and condensates per day.
It is worth noting that Shell has inked during the current month 3 fresh agreements for new areas in the Western Desert with minimal investments worth US$ 113 million to drill 17 wells.
The Badr El Din Petroleum Company (BAPETCo), was formed in the early 1980s, as joint venture between Shell and the Egyptian General Petroleum Cooperation (EGPC). BAPETCo is responsible for the development and production of Shell’s fields in the Western Dessert. After a period of primary recovery, waterflooding development is currently starting and there is active exploratory and appraisal drilling for unconventional gas and light tight oil. Current production levels are around 110,000 barrels/day with a 5-6 rig activity level supporting exploration, appraisal and development drilling.
