Arab Finance: The Egyptian General Petroleum Corporation (EGPC) is targeting to drill 37 new exploration wells by the end of June as part of the 2023/2024 oil exploration plan, an official at the firm told Al Arabiya Business.

The new wells will scale up the natural gas and oil equivalent reserves at fields located in four concession areas in the Eastern Desert, Gulf of Suez, Western Desert, and Sinai, the official pointed out.

He noted that the company’s daily production of natural gas rose to around 72 million cubic feet in January, adding that the firm seeks to increase its production to 75 million cubic feet per day in fiscal year (FY) 2024/2025.

Moreover, the official expects the firm’s investments to exceed EGP 3.5 billion in FY 2023/2024.

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