The state-owned General Petroleum Company (GPC) achieved the highest average production since its establishment, with 68,300 barrels per day from its concession areas.
Tarek El Molla, The Egyptian Minister of Petroleum and Mineral Resources confirmed that GPC currently occupies an advanced position in the production of oil and gas wealth at the level of the Egyptian petroleum industry, after it became the third highest company in terms of production rates, with up to 68.300 barrels of oil equivalent per day, which also represents the highest rate in the history of company.
The minister explained that the continuous support given by the ministry to the company since 2016 within the framework of the project to develop and modernize the petroleum sector has reflected positively on the development of its production rates as a result of doubling the volume of investments several times and assigning new concession areas to the company.
This came during the Minister’s presidency of the company’s general assembly, via video conference, to approve the business results for the year 2021/22, in the presence of Hisham Amna, Minister of Local Development, and Ahmed Samir, Minister of Trade and Industry.
El-Molla stressed that the ministry will continue in the coming period to increase investments and assign new concession areas to the company to create greater opportunities for it to expand and increase production of crude oil and natural gas, especially in light of its important role as a purely Egyptian company whose entire production returns to the state, in light of the high International oil prices, which doubles the importance of increasing its production to provide the state with petroleum supplies at a lower cost.
The minister pointed to the importance of the environmental projects that have been implemented to treat industrial wastewater in the company’s fields.
On his part, Nabil Abdel Sadiq, President of the GPC, said that the success rate of the new exploratory well drilling plan reached 100% at an unprecedented rate after drilling 5 successful exploratory wells in the company’s concession areas with initial production rates of about 4000 barrel of oil equivalent, in addition to drilling 35 development wells.