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Agiba is targeting a daily production rate of approximately 30,000 barrels of crude oil and 119 million cubic feet of natural gas during FY24/25. The company also plans to conduct drilling operations for seven new exploration wells in the Mleiha and southwest Mleiha regions.
Agiba Petroleum Company of Egypt intends to inject USD 500 million into the Egyptian market during the upcoming fiscal year 2024-25 (FY24/25), according to the head of the Company Tharwat El Gendy. Agiba is targeting a daily production rate of approximately 30,000 barrels of crude oil and 119 million cubic feet of natural gas during FY24/25. The company also plans to conduct drilling operations for seven new exploration wells in the Mleiha and southwest Mleiha regions.
Hossam Zaki, the President of Pharaonic Petroleum Company (PhPC), reported that the company has achieved daily production rates of 400 million cubic feet of gas and 9,300 barrels of condensates during FY23/24. These updates were shared during the virtual general assemblies of Agiba and Pharaonic Petroleum firms, where the draft budget for FY2024-25 was approved.
Earlier in February, Minister of Petroleum and Mineral Resources, Tarek El Molla, stated that Egypt aims to increase foreign investments in the oil and gas sector by approximately 25 percent to reach USD 7.5 billion in FY2024-25.
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In FY2022-23, foreign investments in the sector amounted to US$5.6 billion, compared to USD 4.7 billion in FY2021-22, according to El Molla. Moreover, Egypt experienced a 14.3 percent increase in natural gas exports in 2022, reaching a total of USD 8.4 billion, marking a 140% year-on-year increase.
