Arab Finance: Khalda Petroleum Company achieved 15 oil discoveries, adding about 15 million barrels of oil equivalent (BOE) to its projected reserves during the first half (H1) of fiscal year (FY) 2025/2026, Chairman Moataz Atef said.

Atef’s remarks came during the company’s general assembly meeting, chaired by Minister of Petroleum and Mineral Resources Karim Badawi, to approve the amended budget for FY 2025/2026 and the planned budget for FY 2026/2027.

The company also deployed seismic data reprocessing programs in the Abu Gharadig and West Kalabsha concessions, drilling 26 new development wells and implementing 75 recompletion operations. This contributed to achieving 100% of the production targets for oil equivalent and 107% for natural gas.

During H2 FY 2025/2026, the company plans to drill an additional 26 exploration wells and 31 development wells, in addition to carrying out 45 recompletion operations.

As for its future targets, Khalda Petroleum intends to spend $1.043 billion during the FY 2026/2027, drilling 47 exploration wells and 57 production wells, with an ambitious plan to increase production.

Moreover, it is currently executing projects to support the production plan, including oil and gas pipeline networks and the power grid in the Razzak area.

For his part, Badawi stressed the need to expedite drilling and exploration operations to fully utilize the potential of the Khalda oil fields in the Western Desert to seize new opportunities and mitigate investment risks.

He emphasized that reducing the cost per barrel is a top priority to enhance economic viability, encourage new investments in exploration, and boost local production.

The minister directed holding regular workshops to explore ways to improve production and leverage available resources.

Last April, Khalda Petroleum unveiled the drilling of three new wells in the Western Desert, with total output estimated at 70 million cubic feet of gas per day and 700 barrels of condensate.

In February, the company announced  achieving two new gas discoveries in the Matrouh Development area and the West El Dabaa concession.