Minister of Petroleum and Mineral Resources Tarek El Molla have hailed the achievements that the General Petroleum Company (GPC) accomplished during the Fiscal Year (FY) 2018/19. It is especially important to acknowledge the achievement of four oil discoveries with a production rate of 2,800 crude oil barrels per day (b/d) and 1.1 million cubic feet per day (mcf/d) of natural gas, which is the production highest rate since its foundation, a press release by the Ministry of Petroleum concluded.
El Molla underscored the continued support of the government-owned GPC, given the company’s contribution in increasing the production rate and maximizing the reserve of crude oil and natural gas as well as its relentless efforts in explorations and discoveries. El Molla’s statements came while he chaired the review meetings with Egypt’s major oil companies.
Nabil Abdul Sadek, the Head of GPC, indicated that the corporation added 5.2 million barrels to the reserve during the past FY. Also, not only did GPC drill 20 developmental and exploratory wells, but also overhauled and completed 271 wells, which kept the production rate stable.
As part of the achievements, the GPC investments during the same FY reached EGP 1.3 billion, which gained revenues valued at EGP 13 billion.