CAIRO, 2 September 2019: A new ten exploratory wells were dug in the Western Desert and they went online in a record time with a daily average output of 5,000 oil barrels, Egypt's Ministry of Petroleum said
According to the 2018-2019 fiscal report of the Qarun Petroleum Company this promising area accounts for 16 percent of the company's production.
The company's chairman, Ashraf Abdel Gawwad, reviewed the report with Petroleum Minister Tareq el Mulla.
In a statement on Monday, Abdel Gawwad said the company plans to carry out more exploratory operations as Egypt has proved to be rich in mineral resources.
He noted that the company is working with its partners for an ambitious development plan at about dlrs 237 million investment cost in the 2019-2020 FY.
The company's daily output stood at 31,700 oil barrels during 2018-2019 at total investments of about dlrs 182 million.