The General Petroleum Company (GPC), which operates under the Egyptian General Petroleum Corporation (EGPC), has initiated a major drilling operation in the Ras Gharib fields, located in Egypt’s Eastern Desert.
This year-long project plans to drill 75 new oil wells, aiming to boost daily crude oil production by 7,500 barrels and increase total output to approximately 9,000 barrels per day. According to Egypt’s Ministry of Petroleum and Mineral Resources, this effort is part of a broader national strategy focused on enhancing local oil production and cutting down reliance on imported crude.
The campaign has already begun with the deployment of one of three newly delivered drilling rigs, each offering 1,000 horsepower. These modern rigs are expected to speed up drilling operations and lower associated costs due to their efficiency and mobility.
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Meeting targets
Mohamed Abdel Meguid, the Chairman of GPC, highlighted in his report to the ministry and EGPC that the new rigs will enable the company to meet its production targets more effectively and at reduced operational costs. This aligns with the ministry’s approach to maximizing the use of national energy resources while supporting public sector companies and ensuring long-term energy stability.
In a separate development, three new oil and gas discoveries were announced in the Western Desert by Khalda Petroleum Company, in collaboration with Apache. These discoveries are estimated to hold around 12 million barrels of oil equivalent, with about one-third considered recoverable. Initial testing showed a daily output of 2,750 barrels of oil and condensates, along with 20 million cubic feet of natural gas. The volume of accompanying gas is still being analyzed.
The ministry credited recent pricing reforms for encouraging continued investment in gas development, noting that without these changes, gas output from Khalda might have dropped to 380 million cubic feet per day. Instead, production is now projected to rise to 500 million cubic feet.
Meanwhile, Petroleum Minister Karim Badawi met with BP executives to discuss ongoing projects and new developments in the Mediterranean region. Both parties expressed commitment to accelerating the development of the North King Mariut and Fayoum-5 fields while expanding their strategic cooperation.
Minister Badawi emphasized Egypt’s ongoing efforts to maintain a favorable investment environment for oil and gas companies, while also advancing renewable energy projects to support energy security and economic growth.