General Petroleum Company (GPC) signed an agreement with six banks for an EGP 2.3 billion loan to finance oil and gas exploration, Al Mal News reports

The company plans to use EGP 1.757 billion for exploration and drilling projects and EGP 99.3 million for its renewal and replacement programs.

The loan will be for a period of seven years.

The six banks participating in the financing are the National Bank of Egypt (NBE), Arab African International Bank, Banque Misr, EG Bank, Societe Arabe Internationale De Banque (SAIB), and Union National Bank – Egypt, according to the Vice Chairman of NBE, Yehia Abul Fottooh.

GPC is a state-owned oil and gas company. The company made four oil discoveries during FY 2016/2017 in its concessions in the Gulf of Suez, the Eastern Desert, and the Western Dessert, according to Egypt Oil & Gas. It produces 7,400 barrels per day of crude oil and 10.8 million standard cubic feet per day (mscf/d) of natural gas.