The average production of General Petroleum Company (GPC) jumped to a new record of 68,000 barrels of equivalent oil per day (bbloe/d) during H2 2020.

This was announced during the GPC general assembly meeting chaired by the Minister of Petroleum and Mineral Resources, Tarek El Molla to approve the company’s planned budget for fiscal year (FY) 2021/22, in the presence of the Minister of Local Development, Mahmoud Shaarawy.

El Molla praised GPC’s performance in the period from July to December 2020, noting that the company allocated EGP 5 billion in its FY 2021/2022 budget to increase drilling exploration and development wells. The minister encouraged the company to continue with the development of its industrial drainage system on the marine environment.

Additionally, Shaarawy praised the petroleum sector’s performance in the field of production under the leadership of El Molla at the closing of the general assembly meeting.

During the meeting, the Chairman of GPC, Nabil Abdel Sadik presented the features of the company’s estimated budget for FY 2021/22.