El Hamra Oil Company aims to ramp up production to 8,500 barrels per day (bpd), a significant increase from its current output of more than 5,500bpd.
This target will be achieved through the drilling of ten developmental wells with an investment of $7.1m (E£356.68m).
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During the company’s general assembly, chaired by Egyptian Petroleum General Corporation (EGPC) chairman Salah Abdel Kerim, El Hamra Oil’s chairman, Mohamed Shehata, presented the revised budget for the fiscal year 2024/25, which is set at $54.91m, down from the initial estimate of $57.91m.
The meeting also covered the approval of the budget plan for the fiscal year 2025/26.
The company’s exploration and development activities for the fiscal year 2024/25 were scrutinised, with exploration expenses reaching $3m, including the drilling of one exploration well.
Development activities are projected to cost $30.5m, encompassing the drilling of seven development wells, the recompletion of five wells and the addition of a well for purifying water associated with production.
El Hamra Oil is not only focusing on increasing production but also on its social responsibilities.
In partnership with IPR and the Sehtna Foundation, the company has launched a project to enhance Al Hammam Central Hospital in Matrouh Governorate as part of its social responsibility programme.
The project involves the procurement of medical devices and equipment for all hospital departments, aiming to elevate the standard of medical services and reduce patient waiting times.
The project costs E£25m, with Al Hamra Oil Company contributing E£4m and sister companies covering the rest.
For the fiscal year 2025/26, El Hamra Oil is planning to augment its community contributions by E£11.7m, focusing on environmental protection, water provision and clean energy access, aligning with the UN Sustainable Development Goals.
