Petroshahd Plans $31M in Investments in 2025/26
Petroshahd Company Chairman Ahmed Abdel Wahab stated that the proposed plan for the company during fiscal year (FY) 2025/26 includes pumping investments estimated at about $31 million during the year.
The plan aims to increase the company’s daily production rate, which currently stands at about 10,500 barrels per day (b/d) of crude oil, and it is planned to drill 4 development wells that will contribute to enhancing production and reserves.
This came during the routine General Assembly meeting of Petroshahd Company was held on January 11th, 2025, at the headquarters of the Egyptian General Petroleum Corporation (EGPC), headed by EGPC Chairman Salah Abdel Kerim to discuss and approve the amended budget for FY 2024/25 and the proposed budget for FY 2025/26.
Abdel Wahab presented the amended budget for FY 2024/25 and the proposed budget for FY 2025/26, as well as plans to increase production rates and complete projects to inject water associated with production into dry wells for safe disposal, in accordance with the highest standards of occupational safety and health and environmental protection.
The meeting was concluded by Abdel Kerim, highlighting the need to continue all possible efforts to reduce and rationalize spending, improve performance, and maintain the production rate.