“General Petroleum” achieved the highest average production since its inception with 68.3 thousand barrels per day

Engineer Tarek El Molla, Minister of Petroleum and Mineral Resources, said that the wholly state-owned General Petroleum Corporation currently occupies an advanced position in the production of oil and gas wealth at the level of the Egyptian petroleum industry, after it became the third highest company in terms of production rates, with up to 68.3 thousand barrels of oil equivalent. per day, which also represents the highest rate in the company’s history.

The minister added, in a press statement, today, Friday, that the continuous support given by the ministry to the company since 2016 within the framework of the project to develop and modernize the petroleum sector has had a positive impact on the development of its production rates as a result of doubling the volume of investments several times and assigning new concession areas to the company.

This came during the Minister’s presidency of the company’s general assembly via video conference to approve the business results for the year 2022/2021, in the presence of Major General Hisham Amna, Minister of Local Development, and Engineer Ahmed Samir, Minister of Trade and Industry.

Ordinary General Assembly meeting of the General Petroleum Corporation

El-Molla stressed that the ministry will continue in the coming period to increase investments and assign new concession areas to the company to create greater opportunities for it to expand and increase production of crude oil and natural gas, especially in light of its important role as a purely Egyptian company whose entire production returns to the state, adding that the ministry is looking forward to greater ambitions from the company. In light of the rise in international oil prices, which doubles the importance of increasing its production to provide the state with petroleum supplies at a lower cost.

The minister pointed to the positive development in safety indicators in the work areas of the General Petroleum Company as a result of implementing measures to modernize the safety system in accordance with the ministry’s strategy. He also pointed to the importance of environmental projects that have been implemented to treat industrial wastewater in the company’s fields.

The Minister expressed his thanks and appreciation to the cadres of the public company for the outstanding performance that helped the company to develop in recent years and achieve those results, stressing the interest in providing training programs and refining expertise and skills for them in order to continue development.

Minister of Petroleum and members of the General Assembly of the General Petroleum Corporation
Minister of Petroleum and members of the General Assembly of the General Petroleum Corporation

During the work of the General Assembly, Engineer Nabil Abdel Sadiq, President of the General Petroleum Corporation, reviewed the most important results of the work achieved during the year, pointing to the company’s success in achieving the highest average production since its establishment, amounting to about 68.3 thousand barrels per day from its concession areas, pointing out that the production of natural gas and condensates witnessed A breakthrough compared to previous years as a result of the implementation of several successful projects.

He pointed out that the success rate of the new exploratory well drilling plan amounted to 100% at an unprecedented rate after drilling 5 successful exploration wells in the company’s concession areas with initial production rates of about 4000 barrels of oil equivalent, in addition to drilling 35 development wells, and intensifying work in the activities of exploiting obsolete fields. And the available opportunities, and the rate of what was added to the proven reserves amounted to about 10 million barrels, and the total investments during the year rose to more than 3 billion pounds.

With regard to the projects implemented by the company to develop production facilities and develop the fields, he explained that it had completed the operation of the gas transmission line to exploit the production of the Northwest Bahar field in the Eastern Desert, which was placed on the production map at rates of about 15 million cubic feet of gas, in addition to operating another line to connect the two gas wells. NES-19, HF-36/5, with initial production rates of 40 million cubic feet of gas and 1000 barrels of condensate per day, and early production facilities were established to put the GG-83/3 field wells on the production map in the fastest time and at the lowest cost. Processing in the Al-Hamad field and transforming it into an integrated station with a capacity of 50,000 barrels per day, in addition to the construction of a 170-km-long crude shipping line, with a capacity of 55,000 barrels per day, to accommodate the increase in crude production from the Western Desert region and shipping the crude produced from the Sinan terminal to the Al-Hamra Petroleum Port.

Tariq El-Molla reveals that the General Petroleum Corporation achieved the highest average production since its establishment
Tariq El-Molla reveals that the General Petroleum Corporation achieved the highest average production since its establishment

With regard to environmental projects, he explained that the General Petroleum Corporation established an industrial wastewater treatment plant in the eastern desert fields with a capacity of 5,000 cubic meters per day, at a cost of about 500 million pounds, within the framework of full commitment to environmental responsibility.

The company also continued to implement its program of social responsibility, which aims to contribute to improving the economic and social situation, which falls within the scope of the company’s work and covers several areas such as education, health and social services, infrastructure, safety and environmental protection.

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