Egypt’s state-owned General Petroleum Company (GPC) increased its production by 5% to reach a production rate of 86,400 barrels of oil equivalent per day (boe/d) in fiscal year (FY) 2016/2017), Egypt Oil & Gas reports.
GPC made four oil discoveries in its concessions in the Gulf of Suez, the Eastern Desert, and the Western Dessert, boosting its daily production to 7,400 barrels of crude oil and 10.8 million standard cubic feet (mscf) of natural gas. The discoveries added approximately 173.3 million barrels of crude oil and 102.4 billion cubic feet (bcf) of natural gas to its reserves.
With the new oil and gas discoveries and the development of existing wells, GPC plans to further increase output in FY 2017/2018 to 91,700 boe/d.
The company’s FY 2016/2017 production results were released during its annual general assembly. The general assembly was chaired by Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla.