General Petroleum Company (GPC) has succeeded in achieving a new record for its crude oil production, which exceeded 64,500 barrels per day (bbl/d) for the first time despite the challenges of coronavirus, a press release reported.
GPC’s Head, Nabil Abdel Sadeq, stated during the company’s general assembly to approve its operational results for fiscal year (FY) 2019/20 that the company has achieved new seven petroleum discoveries in its concessions.
He added that the total trial rates reached to 6,700 bbl/d of crude oil and 21.4 million cubic meters of natural gas daily. Abdel Sadeq noted that these new discoveries and their technical studies contributed to increasing the proven oil reserves by 33.8 million barrels of oil equivalent (mmbbloe) during the year.
The chairman said that the production rate of the company reached to 61,200 barrels of equivalent per day (bbloe/d), after adding the company’s production share in other joint ventures, the rate reached 95,000 bbloe/d. He pointed to some procedures which helped increasing the productivity including increasing the production of Al Hamd Platform from 4,400 bbl/d to 9,900 bbl/d by using the latest technologies in the offshore wells for the first time in Egypt.
He mentioned that GPC succeeded in putting offshore platform of North West October well on the production line in addition to other wells last January at a production rate of 4,000 bbl/d, noting that the company’s total investments reached EGP 2.2 billion during a year.
For his part, Tarek El Molla, Minister of Petroleum and Mineral Resources, stressed on the importance of intensifying the exploration and production operations, developing existing wells and putting new wells on the production line to increase the output.