The Minister of Petroleum and Mineral Resources, Tarek El-Molla, said that there are good opportunities for the General Petroleum Company (GPC) to make more discoveries.
“GPC’s concession areas are still promising and have a strong potential for crude oil reserves according to studies, research, and exploration activities,” El-Molla said.
El-Molla also stressed the importance of continuing the training of young cadres and raising their efficiency as they are the cornerstone of success in the petroleum sector.
Chairperson of the GPC, Nabil Abdel Sadek, said that four new oil discoveries have been achieved with the production rate of 2,800 barrels per day of crude oil and 1.1m cubic feet per day of gases during the last fiscal year.
He referred, during the company’s general assembly, to achieving average production of 94,500 barrels of oil per day, the highest production rate achieved by the company since its inception. The company has added 5.2 million barrels to the proven reserves.
The head of the company said that 20 exploration and development wells were drilled in addition to repairing and completing 271 wells, which had a great impact on maintaining production rates.
The total investments implemented for the company during the year amounted to EGP 1.3bn with total revenues of EGP 13bn.
