GPC Increases Production by 5%

GPC Increases Production by 5%
View of the structures used to precess oil at Mexican state-owned petroleum company PEMEX refinery in Tula, Hidalgo state, Mexico on March 8, 2011. AFP PHOTO/OMAR TORRES (Photo credit should read OMAR TORRES/AFP/Getty Images)

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.

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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