The Chairman of the General Petroleum Company (GPC), Nabil Abdel Sadek, announced that his company targets drilling 40 exploratory and developmental wells with an investment cost of EGP 2.6 billion in fiscal year (FY) 2020/2021, according to a press release.

He added that the company plans to reach a total production of about 106,000 equivalent barrels per day, pointing out that this shall be achieved by drilling 40 wells with investments of EGP 2.6 billion, as well as repair and supplement 33 wells, drill 36 developmental wells, and repair 24 others within the framework of a joint work program with a number of foreign companies.

Sadek explained that the company will continue to implement the infrastructure development plan and production facilities in the fields with investments worth EGP 5 billion.

Additionally, he pointed to the continuation of implementing health, safety, and environment (HSE) projects during the upcoming year.

This came during the general assembly of the company to approve the planning budget of FY 2020/2021, headed by the Minister of Petroleum and Mineral Resources, Tarek El Molla.