Ministry is keen to support development of General Petroleum company: Tarek El Molla

Mohamed Samir
1 Min Read
Minister of Petroleum Tarek El Molla

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.

 

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Mohamed Samir Khedr is an economic and political journalist, analyst, and editor specializing in geopolitical conflicts in the Middle East, Africa, and the Eastern Mediterranean. For the past decade, he has covered Egypt's and the MENA region's financial, business, and geopolitical updates. Currently, he is the Executive Editor of the Daily News Egypt, where he leads a team of journalists in producing high-quality, in-depth reporting and analysis on the region's most pressing issues. His work has been featured in leading international publications. Samir is a highly respected expert on the Middle East and Africa, and his insights are regularly sought by policymakers, academics, and business leaders. He is a passionate advocate for independent journalism and a strong believer in the power of storytelling to inform and inspire. Twitter: https://twitter.com/Moh_S_Khedr LinkedIn: https://www.linkedin.com/in/mohamed-samir-khedr/
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