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China-Africa Trade Information Service
http://info.afrindex.com
China-Africa Trade Information Service
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The General Petroleum Company (GPC) has announced plans to drill 41 new wells for oil and gas exploration and production in the Eastern and Western Deserts and the Gulf of Suez during the fiscal year 2025/2026.
Additionally, the company aims to repair and recomplete 39 wells across its various fields, according to Mohamed Abdel Mageed, Chairman of GPC.
In a meeting to discuss the company’s investment budget for FY2025/2026, Abdel Mageed outlined GPC’s achievements in the first half of the fiscal year.
These include drilling 17 new production wells and repairing and recompleting 40 others. Notably, the exploratory well GG83/3 in the North Amer field in the Gulf of Suez has been added to the production map, with plans underway to drill a third well.
Repairs to two wells on the GG1 production platform have also increased total production to 3,300 barrels, representing a significant rise of 1,700 barrels compared to July levels.
Karim Badawi, Minister of Petroleum and Mineral Resources, reiterated that enhancing domestic oil and gas production remains a top priority. This strategy aims to lower import costs and achieve key economic goals.
The minister emphasized the importance of attracting investments to drive resource development and production growth while fostering collaborative efforts to implement priority projects directly contributing to increased output.
