The General Petroleum Company (GPC) started its first extraction from Al-Hamd field at the Gulf of Suez concession area with a production rate of about 1500 barrels per day (bbls/d), according to a report issued by General Trade Union for Petroleum Workers.

Per the report, an official source in the petroleum sector pointed out that Al-Hamd field includes four wells, from one of which the production has started, while the remaining three wells will be successively on the production map in May.

The source also stated that the target of Al-Hamd field is to produce from 3,000 to 4,000 bbls/d from the four wells, adding that the company is completing the drilling operations as well as the production facilitations  between April and June.

Additionally, GPC aims to hit a new record during the next fiscal year (FY) 2021/22 by increasing its production rates to reach about 75,000 bb/d and 80,000 barrels of oil equivalent per day (bbloe/d), compared to 60,000 bbls/d average.

In order to maintain these high production rates, the company is intensifying drilling, exploration and development operations in its concession areas in the Gulf of Suez, the Western, and Eastern deserts, according to the source.

It is worth noting that Minister of Petroleum, and Mineral Resources, Tarek El Molla, approved the company’s planned budget for FY 2021/22 and praised the company’s production rates that jumped to a new record of 68,000 bbloe/d.