BAPETCo invests $415m in FY 2015/2016

Royal Dutch Shell will pump investments of approximately $415m during fiscal year (FY) 2015/2016 in its areas of privilege which are managed by Badr El Din Petroleum Company (BAPETCo).

This step will be taken to implement the operations which aim to develop fields, excavate and make new discoveries, to increase the production rates of oil and natural gas.

Emad Hamdy, BAPTECo’s Chairman, told Daily News Egypt that the investments for FY 2015/2016 include three main items: $268m to implement the fields’ development projects; $97m for business and operating expenses; and $50m to dig exploratory wells, in addition to other expenses.

Hamdy added that the gas and oil production plan includes digging some development and exploratory wells. This is to compensate for the natural shortage that wells suffer so that production of the existing stations can reach its maximum power.