The General Petroleum Company (GPC) plans to increase its reserves and production, reaching the production of 79,000 barrels of oil equivalent per day (boe/d) of crude oil, condensates and natural gas, during fiscal year (FY) 2019/20, said Nabil Abdel Sadek, head of the company, Egypt Oil & Gas reports.
The increase will be achieved according to the company’s plan to drill 38 exploratory and development wells, and complete 13 other wells in its concessions. The company further seeks drilling 19 exploratory and development wells and maintain 15 wells in the concessions in which it is working with international oil companies (IOCs) as per exploration and production (E&P) agreements.
The company is working on enhancing the efficiency of infrastructure, production facilities, and processing plants, as well as the efficiency of processes of storage, transportation, and shipping from fields, Abdel Sadek noted.
The new FY will witness continuing the establishment and rehabilitation of oil and gas transmitting pipelines, boosting storage capacities, and developing crude oil shipping ports to increase the operation efficiency with investment costs estimated at EGP 3.6 billion.
The company will conduct integrated maintenance program for facilities and infrastructure and will execute health, safety and environment (HSE) projects in its production areas.
Abdel Sadek’s notes came during the general assembly chaired by Minister of Petroleum, Tarek El Molla, to review the company’s budget plan in FY 2019/20.