During the general assembly of the General Petroleum Company (GPC), Minister of Petroleum and Mineral Resources Tarek El Molla praised the development of the company’s production and the projects that were implemented in exploration and development activities, occupational safety and health, and environmental compatibility.

During the assembly, El Molla stated that these projects directly contributed to increasing the company’s production and ranking it second in the list of major crude oil production companies and third in the production of crude oil and condensates, as a result of the efforts of the company’s employees and the unprecedented support from the Ministry and the Petroleum Authority to increase the appropriations for the investment plan after providing the necessary resources to implement these projects.

GPC’s Chairman Nabil Abdel Sadiq reviewed the most important performance indicators that the company achieved during fiscal year 2022/23.

Abdel Sadiq explained that the company succeeded in achieving the highest production rate since its inception, amounting to about 74,000 barrels of oil equivalent per day (boe/d), bringing the company’s total production after adding its share from the participating companies to about 98,000 boe/d, with a development rate of about 100%.

He added that the company succeeded in drilling 46 exploratory and development wells, and was able to make six serious oil discoveries in its concession areas, with initial production rates amounting to about 7,200 boe/d, and adding a reserve stock estimated at about 38.3 million boe, which contributed to an increase in production rates and also opened new areas for exploratory and development drilling, and the total investments during the year increased to about EGP 3.6 billion.

Abdel Sadiq reviewed the most important projects implemented by the company to develop production facilities and field development using the latest technologies and to intensify exploration and development activity programs in obsolete fields to revive them again in its concession areas in the Eastern Desert, Western Desert and the Gulf of Suez, as well as developing and expanding the infrastructure for onshore and offshore production facilities to maximize their benefit, raise their efficiency and increase its absorptive capacity is in line with plans to increase production.