Agiba to raise investments drilling and exploration investments by 50% in 2021

Eni-EGPC JV Agiba will increase investments in well exploration and production by 50% next year, Al Mal reports, citing an unnamed Egyptian General Petroleum Corporation (EGPC) official. "With the start of life returning to normal again, and the improvement in global oil prices, the injection of research and exploration investments will be expanded," the official said. The company plans to drill 60 new exploratory wells and increase production rates to 50k barrels per day next year.