Wadi El Sahl Petroleum Company (WASPETCO) gained the approval of the Egyptian General Petroleum Corporation (EGPC) to go through with its current fiscal plan of the year 2010-2011 in the area of Hurghada.

WASPETCO plans to implement the rest of the plan in the 3rd and 4rth quarter of the current fiscal year of 2010-2011 in the company’s acquisition area in Hurghada.

The current production rate of WASPETCO is 200 barrels of oil per day (bopd), with future plans to more than double this rate to reach up to 500 bopd by the end of 2011.