The General Petroleum Company (GPC) invested EGP 195 million for the discoveries made during the fiscal year (FY) 2019/20, Nabil Abdel Sadek, Executive Chairman of the Board of Directors, told Al Mal.

The new discoveries varied between four exploration wells and three development wells in the company’s concession areas, totaling the test rates at about 6,700 barrels per day of crude oil (bbl/d) and 4.21 million cubic feet of gas (mmcf). Abdel Sadek pointed out that the company aims to keep up with the high productivity rates it achieved for the first time in its history.

As for FY 2020/21, the company previously stated that it targets drilling 40 exploratory and developmental wells with investments of EGP 2.6 billion.