A press release to Egypt Oil&Gas stated that the Minister of Petroleum and Mineral Resources, Tarek El Molla, praised the work results of the state-owned General Petroleum Company (GPC) upon receiving a report from GPC’s CEO, Moustafa Taher, around the work status in Ras Sedr, Asal, and Matarma fields in Sinai.
El Molla pointed out the importance of commitment in executing the Egyptian oil and gas production plans, aiming for production from new and existing fields in oil and gas concession areas like Sinai through using new technologies.
The minister further highlighted the importance of establishing productive projects according to schedule and of achieving required performance based on health and safety standards.
GPC signed a ten-year exploration and production contract (E&P) with Mediterra Energy Corporation for exploration of the three fields in 2016.
Total production from the three Sinai fields increased from 1,200b/d to 1,400b/d in the 1st phase of the contract.
Initial seismic results showed a promising future for the area as the company plans to perform maintenance on 24 wells through two phases, which will increase production by between 600b/d and 800b/d.
