CAIRO: Badr El Din Petroleum Company is expected to increase daily production to 100 million cubic feet daily after finishing the first stage of the Karam gas wells, company Chairman Emad El Din said Thursday.
El Din said the investments of both stages of the Karam and al-Aseel projects are worth $400 million, implemented by two companies, Enppi and Petrojet, according to a Thursday press statement issued by the Ministry of Petroleum.
El Din’s statements to Minister of Petroleum Sherif Ismail came during the minister’s Thursday inspection of a project producing natural gas in the Western desert.
In mid-July, Ismail told Al-Masry Al-Youm that as of August, Egypt’s production of petroleum products would reach 480 billion cubic feet daily in addition to 382.2 billion cubic feet of liquefied gas daily.
The Ministry of Petroleum is touting a new repayment strategy set to run until July 2017 for some of the debt it owes to foreign energy companies, inside sources told Al-Ahram Saturday.
The minister signaled that the coming period will witness a number of efforts to develop oil fields, including al-Qorum and al-Aseel gases affiliated to Badr El DIn Petroleum Company in the western desert, where the second and final stage will be implemented, Thursday’s statement added.
The chairman of Khalda Petroleum Company Mohamed Abdel Aziz said they are working on al-Kasr gas field with investments worth $310 million to increase the reserves of natural gas to 300 billion cubic feet.
President Abdel Fatah al-Sisi ordered the government to provide the needed sums to repay the foreign petroleum partners’ due debts, totaling $6 billion, before the end of 2014, an inside source in the Cabinet told Al-Mal Business daily on Aug. 13.
“Economizing part of the debts owed to foreign petroleum companies comes within the Ministry of Petroleum’s long-term repayment program for funding $3 billion in financial arrears as monthly premiums until 2017,” the source said.
More than $1.5 billion has been repaid of a total debt of $6 billion owed to foreign petroleum companies operating in Egypt by the Egyptian Petroleum Authority.