General Petroleum Company’s (GPC) Chairman Mohamed Abdel Mageed reviewed the company’s most important milestones during fiscal year (FY) 2023/24, pointing out that total production (including GPC and affiliated companies) reached around 35 million barrels of oil equivalent (boe), with a daily average of 96,000 boe.

This came during the general assembly chaired by Minister of Petroleum and Mineral Resources Karim Badawi to approve the results of FY 2023/2024.

GPC’s fields also achieved production estimated at approximately 27.3 million boe, with a daily average of 75,000 boe, which represents the highest production rate in the company’s history, despite the major challenges that required dealing with unconventional methods to continue operations.

The company’s output contributed to maintaining its position and ranking as second in the list of the largest oil production companies in Egypt, to be a strong supporter of the national economy, especially since it is fully owned by the state.

Abdel Mageed explained that a confirmed recoverable reserve estimated at 36 million boe was added, with a replacement rate representing 131% of what was produced during the year through drilling 35 wells in the company’s various fields and 61 wells in the fields of exploration and production service agreement contracts.

Additionally, Abdel Mageed stated that the total investments implemented by the company during the year amounted to about EGP 4.4 billion, at a rate of 125% of the approved amount, with a reduction in the cost of the barrel produced through the company’s general operations without the agreement companies. The company is also working to replace some production requirements with local products to maximize the local product and save foreign currency.

During the assembly, Badawi emphasized the long-standing history of the General Petroleum Company as a national entity whose production is entirely dedicated to the state. He commended the efforts of the company’s employees in increasing production, especially from older fields, through the use of modern technology. This has enabled the company to occupy a prominent position among crude oil production companies in Egypt.

Badawi also praised the results achieved by the company in the fields of improving energy efficiency, environmental compatibility projects, reducing emissions, and occupational safety and health. He noted that these projects are at the top of the ministry’s strategic work priorities due to their positive impact on attracting investments in the petroleum sector.