The General Petroleum Company (GPC) has witnessed the highest rate of production in its history of 63,600 barrels of oil equivalent (BOE) daily in the first half (H1) of the fiscal year (FY) 2018/19, Nabil Abdel Sadek, president of the GPC, said on Saturday.
After adding the GPC’s share of production from other partner companies, the company’s total production reached 97,400 BOE daily in the past six months.
It came in a statement issued after a general meeting headed by the Minister of Petroleum, Tarek El Molla, on Saturday to approve the planning budget for the next FY 2019/20.
Abdel Sadek pointed out that the GPC’s main goal in the next period is to increase production of crude oil, condensate, and gas to more than 79.000 BOE daily.
He added that the plan will include several aspects, foremost is the implementation of a programme to drill 38 new exploration and development wells, as well as completing 13 other wells in the concession areas of the GPC.
Abdel Sadek also mentioned that the plan also includes drilling 19 new exploration and development wells and reforming 15 other wells in the concession areas shared by international companies.
He concluded that the GPC will continue in the next FY the implementation of its plan to establish and replace pipelines for transport of crude oil and gas, as well as to increase capacity and develop crude oil terminals with investments of EGP 3.6bn.