Cabinet Emphasizes Petroleum Sector Achievements

Cabinet Emphasizes Petroleum Sector Achievements

The Media Center of the Cabinet issued a report shedding light on the most important achievements that led to Egypt’s economic resilience during coronavirus, on top of which are several milestones of the petroleum sector,¬†according to a statement issued by the Cabinet.

The General Petroleum Company (GPC) has succeeded in achieving a new production record of 64,500 barrels of oil per day (bbl/d), the report highlighted.

The report added that the total investments costs for 12 new petroleum agreements in the East and West of Mediterranean, Red Sea and Western Desert reached $1 billion in June 2020. In addition, it mentioned that the reserves resulted from the gold commercial discovery in the Eastern Desert reached more than 1 million ounces in June with total investments exceeding $1 billion along the upcoming 10 years.

According to the report, the daily production rate for the new discovery of Abu Sennan in the Western Desert came to 4,100 (bbl/d) of oil, 18 million cubic feet (mcf) of natural gas during June 2020. Meanwhile, the initial daily production rate of oil in Geisum concession at Gulf of Suez reached 2,000 bbl/d and the estimated indicators elaborated that about 70 million barrels of oil are to be explored.

The report pointed out that oil pipeline in Al Hamra Petroleum port has been implemented in August at Al Alamein worth $100 million in addition to opening the gasoline production project by Alexandria National Refine and Petrochemical company (ANRPC) at a cost of EGP 3.5 billion.


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