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General Petroleum Company eyes EGP 7.6bn investments in FY20/21

General Petroleum Company eyes EGP 7.6bn investments in FY20/21
The company plans to drill 40 new exploratory and development wells

Cairo – Mubasher: The Egyptian General Petroleum Company plans to invest EGP 7.6 billion during fiscal year 2020/2021, the company’s chairman Nabil Abdel Sadek said.

The company’s production is planned to reach about 106,000 barrels of oil equivalent per day, Abdel Sadek added in a statement released by the Egyptian Ministry of Petroleum and Mineral Resources on Sunday.

With total investments of EGP 2.6 billion, the General Petroleum Company is implementing a programme to drill 40 new exploratory and development wells, in addition to repairing another 33 wells. 

The company also aims to drill 36 development wells and repair another 24 wells in areas under partnership agreements. 

The chairman further revealed that the company will continue its plan to develop its infrastructure and production facilities with investments worth EGP 5 billion during the year, including establishing and replacing oil transmission lines and increasing the capacity of oil exporting ports.