By NAGLA KAMAL
CAIRO: The United States’ Merlon Company will push investments valued at $ 80 million to enhance the production of oil, a petroleum ministry source told Youm7 on Wednesday.
The source added that the company invested $ 103 million last year, as they bought production supplies and spare parts.
Merlon is expected to drill 8 new wells in 2014-2015 in the oil fields that belong to the Petrosilah Petroleum Company, located in the Western Desert.
The Petrosilah Petroleum Company is the acting company of the Egyptian General Petroleum Corporation (EGPC,) and is considered the first company to develop petroleum fields in the Middle East and North Africa.
The company has plans to increase the exploiting of existing and newly discovered oil fields to meet the local market needs of petroleum products.
The daily production of Petrosilah rose from 1500 barrels of raw oil in 2010 to about 6000 barrels. The company has been established as a joint company between the EGPC and Merlon Company in May 2010.
Originally published in Youm7.