The Egyptian General Petroleum Corporation (EGPC) has signed an agreement with Shell Egypt to develop Badr El Din Petroleum Company (Bapetco).
The deal has been inked by both head of EGPC and chairman of Shell Egypt Gasser Hantar, according to the petroleum ministry’s statement.
This initiative came as part of the petroleum sector’s strategy to maximise the oil firms’ assets and develop production fields, petroleum minister Tarek El-Molla said.
This deal will also improve projects’ economies, reduce production costs, raise performance level, apply governance standards, and upgrade human resources’ skills, El-Molla added.
Bapetco chairman last said that the company is planning to drill 31 new wells by the second half of fiscal year 2017/2018 until the end of FY18/19.
Bapetco, a joint venture between Royal Dutch Shell and EGPC, invested about $202 million in FY16/17, according to the ministry’s statement.