Agiba Petroleum Company to pump $500M in Egypt during FY24/25

Agiba Petroleum Company intends to inject $500 million into the Egyptian market during the upcoming fiscal year 2024/2025 (FY24/25), Head of the company, Tharwat El Gendy announced during the company’s general assembly.

 

Agiba is aiming for 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.

 

In a virtual general assembly, 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 FY2024/2025 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 $7.5 billion in FY2024/2025. 

 

In FY2022/2023, foreign investments in the sector amounted to $5.6 billion, compared to $4.7 billion in FY2021/2022, according to El Molla.

 

Moreover, Egypt experienced a 14.3 percent increase in natural gas exports in 2022, reaching a total of $8.4 billion, marking a 140% year-on-year increase.