Cairo – Mubasher: The Egyptian Minister of Petroleum and Mineral Resources, Tarek El-Molla, headed the general assembly of General Petroleum Company (GPC) to approve the business results for fiscal year (FY) 2020/2021.
El-Molla affirmed the ministry's continuous support to the state-owned company which achieved unprecedented rates of production in the last years, according to a statement on Wednesday.
The current output of the company stands at about 74,000 barrels of oil equivalent per day, hitting a new record for the company which was founded in 1957.
The Chairman of GPC, Nabil Abdel Sadek, reviewed the company's business results, revealing that seven new petroleum discoveries have been made with an initial production of about 5,300 barrels of oil equivalent per day at concession areas and 78 new wells have been drilled.
Moreover, the company has completed the establishment of production facilities to put two fields on production with an initial output of 4,700 barrels per day.
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