Copyright 2019 Egypt Oil & Gas
Petrogulf Corporation plans to invest $50 million in the fiscal year (FY) 2018/19, as the company is conducting a program that includes a number of projects aiming to boost infrastructure efficiency and rehabilitate, renew and develop the health, safety and environment (HSE) systems, said Samy Abdel Fattah, head of the company, Egypt Oil and Gas reports.
The company is conducting a work program that includes drilling two exploratory wells in North Gasoum and North-North Gasoum areas, which is expected to add 11 million barrels of crude oil to reserves.
Petrogulf drilled a development well as a part of its plan to increase production in the FY 2019/20 as the current production level reaches 4,700 barrels per day (b/d), Abdel Fattah stated.
Abdel Fattah’s statement came during the visit of the Minister of Petroleum Tarek El Molla to the company’s fields.