(MENAFN) Khalda Petroleum Co. has reduced the cost of oil produced from the Apache concession area in the Western desert to USD4.5 per barrel in Q1, 2016.
Accordingly, the firm successfully cut costs by USD0.5 per barrel through obtaining discounts on services and equipment deals used to carry out drilling operations.
Moreover, the company saved USD155.000 per day on crude oil production costs in the last financial year, as the cost per barrels was lowered from USD6 in 2014/2015.
Meanwhile, the firm confirmed with both Egyptian drilling companies to cut the lease value of the drilling equipment by 7-20 percent.
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