The General Petroleum Company (GPC) total investments have amounted to $30 million in the Q4 of FY 2020/21 (April-June 2021), according to Al-Mal.
The company drilled 14 wells during that period; including 11 development wells, two exploration wells, and one water injection well in order to maintain tank pressures, according to Al-Mal.
The company’s discovery SE Al Hamd was also put on production and four wells were connected, in addition to constructing two four-kilometers (km) production lines, according to Al-Mal.
GPC allocated a budget ranges from EGP 4.6 billion to EGP 5 billion to increase its drilling program and other projects.
The company also targets an increase in production levels from its concession areas to reach 75,000 barrels of oil (bbl/d) per day (bbl/d) and 80,000 barrels of oil (bbloe/d) per day in the current FY 2021/ 2022, compared to the current average of 60,000 bbl.