General Petroleum ups oil equivalent production to 78,000/day

General Petroleum Company, a fully-owned affiliate of the state-run Egyptian General Petroleum Corporation (EGPC) records highest production rates of crude oil, natural gas, and condensates for the second year in a row.

According to Taher Al-Zefzaf – Chairman of the General Petroleum Company, the company has boosted its production of oil equivalent to 78,000 barrels/day during the fiscal year of 2014-2015.

Three new discoveries have been made in the Gulf of Suez, the Western and Eastern Deserts, with total additional crude oil reserves of 30 million barrels and gas reserves of up to17 billion cubic feet, he added. The discoveries have added around 3,200 barrels of oil equivalent per day (boe/d).

Furthermore, Al-Zefzaf said General Petroleum Company is targeting daily oil production of 4,500 barrels after the newly-discovered oilfield in the Gulf of Suez starts production.