The General Petroleum Company (GPC) increased its crude-oil output to 57,000 barrels per day (b/d) for the first time since the company started operations, Egypt Oil & Gas reports.
The increased production is due to the discoveries NES-5 and NES-7. The two wells produce 3000 b/d of oil and 1.5 million standard cubic feet (mscf) of gas, adding 9 million barrels of oil and 20 billion cubic feet of gas to the company’s reserves, GPC’s Head, Mohamed Taher, stated in a report submitted to Minister of Petroleum, Tarek El Molla.
The report was submitted to follow up on the ministry’s plans to develop new oil and gas discoveries and add them to production in order to increase crude-oil and natural-gas reserves.
According to the report, the company commenced a new exploration and development program in order to increase its oil-production rate to more than 60,000 b/d by the end of 2017 with the installation of NAO – HH platforms.
Recent output indicates that GPC’s concession areas could contain undiscovered deposits. Discovery and exploitation of additional energy deposits will increase productions rates and support the local economy.
GPC is a state-owned company.