The General Petroleum Company (GPC) plans to drill 5 exploratory wells and 13 development wells, as well as maintain and complete 27 wells during fiscal year (FY) 2018/2019, Egypt Oil & Gas reports.
The company further plans to implement an integrated development strategy for infrastructure of offshore and onshore facilities, as well as heath, safety, and environment (HSE) projects, Mohsen El Noubi, Head of GPC, said. GPC eyes producing around 64,000 barrels of oil equivalent per day (boe/d) during FY 2018/2019, he added.
The petroleum firm counted with two new discoveries, North Fanar in the Gulf of Suez and South-East Bahar in the Eatern Desert, during the first half of FY 2017/2018, El Noubi pointed out during the general assembly chaired by Minister of Petroleum and Mineral Resources, Tarek El Molla, to review the company’s budget plan.
In addition, GPC successfully increased output to around 18,000 boe/d after adding the new discoveries to production, El Noubi said.
El Molla pointed out the importance of evaluating exploration and production (E&P) concessions to define drilling areas in the Gulf of Suez, Eastern and Western Deserts, and Sinai. The minister encouraged GPC to continue its efforts to make new discoveries that will increase production rates and boost reserves, especially as GPC is the first Egyptian company to work in E&P industry for 60 years.