(MENAFN- Daily News Egypt) According to the chairperson of Abu Qir Petrolium, Alaa Eldin Fathi, the total production of the company during the last fiscal year amounted to 66 billion cubic feet of natural gas and 1.2 million barrels of crude oil and condensates, according to a statement from the Ministry of Petroleum on Monday.
Fathi stated that the average production of Abu Qir fields during the last fiscal year, which amounted to 267 million cubic feet of gas per day and 5,000 barrels per day of crude oil and condensates, in addition to 245 tons per day of potash, increased due to the operation of the sea pier north Abu Qir 3.
He explained that the drilling of the North Abu Qir PI-10X well was completed in the Abu Madi formation in the field of North Abu Qir and was put on production as the first crude oil-producing well in the field.
Additionally, Fathi pointed out that the well added 1.36 million barrels to the original oil reserves and 6 billion cubic feet of gas to the original reserves of natural gas.
Furthermore Fathi stated that it is planned to start drilling two development wells in the coming period, in addition to the implementation of the project to replace the sea line with a diametre of 6 inches and 12 km between the piers of west Abu Qir and Abu Qir 2 with a view to re-operate and transfer production West Abu Qir pier.
This came during the work of the general assembly of Abu Kir Oil Company, a joint venture between the Petroleum Authority and Italian company Addison, headed by Tarek El Molla, the minister of petroleum, to approve the results of the fiscal year 2016/17.
During the past year, the company has achieved a cost reduction of over $9m in investment and operational costs. The company has achieved the highest performance in the field of occupational safety and health and environmental protection during the year.
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