Two local oil and gas companies Khalda Petroleum CO. (KPC) and Qarun Petroleum Company (QPC) have announced plans to invest US $830m and US $252m respectively over the course of the 2021-2022 fiscal year in the exploration of oil and gas in Western Desert, Egypt.
In operation since 1985, KPC is a joint venture company between Egyptian General Petroleum Corporation (EGPC) and Apache Corporation, and it is one of the largest oil & gas producers in the North African country.
On the other hand, QPC was established in 1995 as an operating company for EGPC, and the group consisting of Phoenix Resources Company of Qarun, Apache Oil Egypt Inc, and GNR Seagull.
The investment in question will take effect from July this year.
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During this period, Khalda Petroleum’s activities include drilling 87 wells, 35 of which are for exploration and 52 for development or production. This is expected to achieve an average daily production of approximately 130,000 barrels of crude oil and condensate and 630 million cubic feet of natural gas.
Qarun Petroleum on the other hand envisages drilling of 24 development wells and 5 exploration wells to achieve an annual production capacity of around 9 million barrels of crude oil. These operations according to the company will continue at the same time as the implementation of a rehabilitation and maintenance plan for the said wells.