General Petroleum Company eyes investments in FY20/21

The company plans to drill 40 new exploratory and development wells

  
Smoke billows from a chimney at the Middle East Oil Refinery Company (MIDOR) in Alexandria, Egypt November 7, 2018.

Smoke billows from a chimney at the Middle East Oil Refinery Company (MIDOR) in Alexandria, Egypt November 7, 2018.

REUTERS/Amr Abdallah Dalsh

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.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2019 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Business