General Petroleum Company (GPC) met its production targets for oil and condensates in July, but fell short of its target for natural gas, Egypt Oil & Gas reports.
GPC produced 1,598,813 barrels of oil and 13,156 barrels of condensates for a combined total of 1,611,969 barrels.
Its production of natural gas, however, lagged. It produced 130,026 barrels of oil equivalent (boe) in July, 93% of its target of 139,595 boe for the month.
Altogether the company achieved over 99% of its targeted production.
The National Bank of Egypt (NBE) and Banque Misr are securing an EGP 3 billion loan for the company to fund debt restructuring and exploration and drilling activities, Al Mal News reports.
GPC plans to invest approximately EGP 1.885 billion during fiscal year (FY) 2017/2018: EGP 99.3 million for replacement, innovation, and renovation processes; EGP 1.757 billion for exploration and drilling of new wells; and EGP 29 million for safety projects.