The Ministry of Petroleum is keen to provide support to the state-owned General Petroleum company (GPC) in its aim to develop and improve work mechanisms, said Petroleum Minister Tarek El-Molla.
The company has increased production in the Western Desert as a result of successful exploration and production efforts in the area, which emphasises Egypt’s promising potential, added El-Molla.
As a result of intensifying exploration, research, and development this year, the company achieved the highest rate of its production of crude oil and condensates and gas from its fields, which was approximately 82,200 barrels per day, said Tarek Al-Zafzaf, CEO of GPC.
He added that the company drilled 23 new wells that are currently being assessed for exploration and development, in addition to adding new reserves estimated at 10.9m barrels.
Of the discoveries that had the greatest impact on production levels was “Nes”, which is located northeast of Abu Senan in the Western Desert. It has a production rate of 3,800 barrels and 1.5m cubic feet of gas a day.
Al-Zafzaf noted that the volume of investments in 2016 reached EGP 1bn, marking the highest rate of corporate investment witnessed in the company.