Egyptian Minister of Petroleum and Mineral Resources Tarek El Molla reviewed the annual production and activity of Gulf of Suez Petroleum Company (GUPCO) and Pharaonic Petroleum Company for fiscal year (FY) 2016/2017, Egypt Oil & Gas reports.

The head of GUPCO, Nabil Salah, said that the company produced approximately 72,500 barrels per day (b/d) of oil and condensates during FY 2016/2017.

Salah also noted that the company had added nearly 14 million barrels of crude oil and 9 billion cubic feet (bcf) of gas to its reserves, boosting GUPCO’s reserves to 345 million barrels of crude oil and 771 bcf of gas. It also reduced costs by $70 million by implementing cost-rationalization measures and by improving efficiency.

Pharaonic Petroleum’s production of natural gas reached approximately 359 million standard cubic feet per day (mscf/d) of gas and 821 b/d of condensates, according to its head, Hassan Abady.

It finished the third phase of its offshore development of the East Delta by drilling and completing the Habi-16 and Taurt-8 wells and linking them to the production grid. According to Abady, the two wells have an average production of 140 mscf/d of gas.

Pharaonic Petroleum also finished its expansion of the onshore treatment plant in Port Said and drilled three offshore wells at the Atoll field ahead of schedule, Abady noted.

El Molla noted that BP, a foreign partner to both companies, has demonstrated a sincere interest and confidence in the Egyptian oil and gas sector.