Eng. Karim Badawi, Minister of Petroleum and Mineral Resources, chaired the General Assembly meeting of the General Petroleum Company (GPC) to approve the company’s financial results for the fiscal year 2023/2024. The meeting was attended by Eng. Hassan El-Khatib, Minister of Investment and Foreign Trade, via video conference.

During the meeting, Badawi emphasized the significance of the General Petroleum Company as a fully state-owned national entity. He praised the efforts of the employees in increasing production, particularly from mature fields, by utilizing modern technologies. The minister highlighted the ongoing support from the Ministry for the company's efforts in exploration and development, aiming to discover new resources that will boost production rates and reduce reliance on imported petroleum products.

Badawi also acknowledged the company’s diverse workforce, especially its young and female talents, who are dedicated to increasing production while working as a cohesive team. 

Eng.Mohamed AbdelMegid, Chairman of GPC, presented the key performance indicators for the year 2023/2024. He reported that total production from the company’s fields, along with its partners, amounted to approximately 35 million barrels of oil equivalent, with an average daily production of 96,000 barrels of oil equivalent. GPC's own fields achieved a record high of 27.3 million barrels, with a daily average of 75,000 barrels, despite significant challenges. Abdel Meguid added that the company successfully added 36 million barrels of recoverable oil equivalent reserves through the drilling of 35 wells across its fields and 61 wells under service agreements.

Regarding investments, Abdel Meguid stated that GPC invested approximately EGP 4.4 billion during the year, exceeding 125% of the approved budget, while reducing the production cost per barrel by using local production inputs, thus conserving foreign currency. The company is also working on major projects to upgrade infrastructure and improve processing capabilities at production facilities. These include expanding energy efficiency projects to reduce diesel consumption and transition to utilizing produced gas, as well as projects in solar and renewableenergy.

He concluded by highlighting GPC’s commitment to digital transformation and implementing cybersecurity measures, which have improved operational efficiency and safety standards. The company achieved 18 million man-hours without injuries during the year, reflecting its strong adherence to health, safety, and environmental protocols.