Agiba Petroleum Company invested $237 million during fiscal year (FY) 2017/18, Egypt Oil & Gas reports.
Company head Mohamed El Kafas said that the East Aman, Karnak and North Meleiha wells added around 1.1 million barrels of crude oil to proven reserves.
The new information was revealed during a meeting between Agiba officials and petroleum minister Tarek El Molla to discuss the company’s performance in the FY 2017/18.
El Kafas explained that the company drilled 55 wells in the Meleiha concession, and it constructed more than half of the pipeline that will move the crude from Meleiha fields.
The company also established a warehouse for storing waste and exploration samples. The warehouse is operated by Petrojet, and follows the latest health, safety, and environmental (HSE) standards.