Cairo, Egypt—In a significant announcement during the General Assembly meeting of Khalda Petroleum Company, Minister of Petroleum and Mineral Resources Eng. Karim Badawi highlighted the company’s impressive achievement of exploring 23 successful wells over the past year. The meeting, held via video conference, aimed to approve the financial results for the fiscal year 2023/2024 and was chaired by Eng. Atef Hassan, Chairman of Khalda Petroleum Company.
Minister Badawi emphasized the critical importance of bolstering investment in oil and gas exploration across Egypt’s onshore and offshore regions, with a focused effort on the Western Desert. He underscored the necessity of accelerating natural gas production and maximizing the use of advanced technology to enhance production and address challenges. This initiative aligns with the strategic partnership between the petroleum sector and international entities, particularly Apache Corporation. The Minister also pointed out the significant investment incentives recently introduced to encourage increased oil production, benefiting both the sector and its partners.
During the assembly, Minister Badawi reiterated that maintaining safety and reducing carbon emissions are crucial for the sustainability and success of investments in the petroleum sector. He praised the Khalda Petroleum Company’s teams for their dedication to occupational safety, health, and environmental protection. The Minister lauded the tangible projects undertaken by Khalda to implement carbon emission reduction practices and energy efficiency improvements, such as connecting wells to solar energy cells and utilizing flare gas as an alternative fuel to diesel.
Eng. Saeed Abdel Moneim, CEO of Khalda Petroleum Company, presented key performance indicators for the fiscal year 2023/2024. Khalda achieved an average production of over 220,000 barrels of oil equivalent per day from its Western Desert fields. This included a rise in crude oil production from approximately 113,600 barrels per day in the previous year to about 121,000 barrels per day, excluding condensate production. The company invested around $1.3 billion in exploration, production, and field development, leading to significant accomplishments such as drilling 92 development wells and conducting 133 well re-completion operations to enhance production efficiency.
The CEO also highlighted Khalda’s efforts in reducing carbon emissions, detailing projects such as extending overhead electricity networks to wells, installing charging pumps, and constructing facilities to utilize associated gases instead of burning them. These initiatives have not only reduced emissions but also saved substantial amounts of diesel.
Greg McDaniel, Acting Vice President and Country Manager for Apache’s Egypt Assets, confirmed the company’s commitment to developing and implementing modern technologies to boost operations and overcome challenges. He noted that the merger of Khalda and Qarun companies under Khalda’s umbrella in 2021 significantly increased operational efficiency and led to a substantial investment commitment of $3.5 billion from Apache over five years for research, exploration, and production in Egypt’s Western Desert.
The General Assembly was attended by prominent figures in the petroleum sector, including Geologist Alaa El Batal, CEO of the Petroleum Authority, and senior officials from the Egyptian Natural Gas Holding Company (EGAS) and the Ministry of Petroleum and Mineral Resources.
This milestone underscores Khalda Petroleum Company’s pivotal role in advancing Egypt’s oil and gas sector while adhering to sustainable and environmentally-friendly practices.
