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. 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. 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.

Source: Daily News Egypt September 10, 2016 13:18 UTC