US$1 billion in new investments for Khaleda and Qarun oil fields ...Egypt

Egyptian Minister of Petroleum and Mineral Resources, Tarek al-Molla, chaired, on Wednesday, the meeting of the general assembly of both Khaleda and the Qarun petroleum companies, to approve the planning budget for the fiscal year 2021-2022. During the meeting Khalid Abdul-Moneim, Chairman of the Khaleda Petroleum Company, said that it is targeted to pump about US$830 million in new investments during the fiscal year 2021/2022 to implement an ambitious plan to search for oil and gas and develop production fields in its concession areas in the Western Desert. The plan aims to drill 87 new wells, including 35 exploration wells and 52 development wells, thus contributing to achieving an average

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