El Molla Reviewed GPC’s Fiscal Results

A press release from the Egyptian Ministry of Petroleum and Mineral Resources stated that the minister, Tarek El Molla, headed the General Assembly of the General Petroleum Company (GPC) to review its fiscal results for 2015/2016.

GPC’s CEO, Taher Al Zafzaf, stated that GPC achieved its highest production rates due to development and exploration activities carried out during fiscal year 2015/2016. The company produced around 82,200b/d of oil equivalent. Furthermore, GPC uncovered new discoveries like NES well which is located northeast of Abu Senan in the Western Desert and has a production capacity of 3800b/d of oil and 1.5mcf/d of gas. Additional new discoveries were Belayim and Rudeis reservoirs in Eastern Desert with a capacity of 800b/d of oil, and the discovery of HH-83/5A in the Gulf of Suez with reserves estimated at 6.5bcf of gas.

Al Zafzaf added that the company succeeded in drilling 23 new wells during 2015/2016 which added 10.9m barrels of oil equivalent to the company’s total reserves.

Sarah Samir 3289 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.


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