CAIRO – The average daily gas production of the Egyptian Agiba Petroleum Company has reached 84 million cubic meters for the first time ever, said Minister of Petroleum and Mineral Resources Karim Badawi said on Monday.
The company managed to increase its reserves through exploration and development activities by 9.2 million barrels of oil equivalent (BOE), the minister added.
The minister, during the company’s general assembly to approve the results for the fiscal year 2023-2024, emphasised the significance of overcoming challenges hampering the production rates.
He commended efforts of workers and their commitment to finding innovative solutions to address these challenges.
The current fiscal year is envisaged to witness an increase in oil investments, drilling rigs, and well development operations, thanks to the fruitful co-operation between entities of the petroleum sector and global partners, the minister added.
