The National Bank of Egypt (NBE) and Banque Misr are securing a EGP 3 billion loan for General Petroleum Company (GPC) to fund exploration and drilling activities, as well as debt restructuring, reported Al Mal News.

GPC’s strategy for fiscal year (FY) 2017/2018 includes investing around EGP 1.885 billion, divided into EGP 99.3 million for replacement, innovation, and renovation processes, EG 1.757 billion for exploration and drilling new wells, and EGP 29 million for safety projects.

NBE and Banque Misr are negotiating with several local banks including the Egyptian Arab Land Bank, the Egyptian Gulf Bank, Credit Agricole, Emirates NBD, and Union National Bank, sources said, adding that the contracts are expected to be signed within few weeks.

GPC aims to produce around 53 million barrels per day (b/d) of crude oil, 29.5 million standard cubic feet per day (mscf/d) of gas, and 360,000 b/d of condensates during this FY.

GPC is a state-owned company working in oil and gas exploration and drilling.