Gemsa Petroleum Company (GEMPETCO) and Zaafarana Oil Company (ZAFCO) reported a combined production of 1.7 million barrels during the fiscal year 2023/24, according to Mohamed El Meligy, Chairman of GEMPETCO. The announcement was made during the general assembly meeting attended by Alaa El Batal, Chairman of the Egyptian General Petroleum Corporation (EGPC), and other key petroleum sector officials.

El Meligy revealed that the companies plan to drill two developmental wells, A-18 and A-19, in Q2 of FY 2024/25, along with the repair of wells A-10, A-12, A-14, and A-16. He also highlighted the successful utilization of associated gas for generating electricity, which reduced diesel consumption costs and significantly lowered carbon emissions.

In addition, the companies achieved 12 million incident-free work hours and completed a comprehensive model for the Zaafarana field, which has been instrumental in updating the petroleum reserves and identifying new drilling locations.

Exploration efforts continue in the Zaafarana field, with ongoing seismic data analysis aimed at evaluating the Primiocene reservoir's lower layers, potentially adding new oil reserves.

Ihab Girgis, representing Cheiron, the partner company, praised EGPC’s support and reiterated Cheiron’s commitment to meeting targets despite challenges. He also emphasized the importance of energy reduction and social responsibility initiatives.

Alaa El Batal commended the companies’ performance, urging them to maintain their efforts and praised their commitment to increasing production, adhering to safety and environmental standards, and supporting the ministry’s strategy.