Karim Badawi, Minister of Petroleum and Mineral Resources, said in a statement on Saturday that the decline comes as part of preparations to fully settle outstanding dues and reach zero arrears by the end of next month.
In a statement released on Saturday, the ministry said that Karim Badawi, Minister of Petroleum and Mineral Resources, inspected the EDC-56 drilling rig, which carried out drilling operations in the West Abu Madi area of Kafr El-Sheikh Governorate, approximately 3 kilometers offshore in shallow waters at a depth of about 10 meters.
In a statement, the ministry said that production tests conducted by the Gulf of Suez Petroleum Company (GUPCO) showed output levels of approximately 2,500 barrels of oil per day and 3 million cubic feet of natural gas, with the well immediately connected to existing production facilities.
The operation resulted in a daily production rate of approximately 4,100 barrels of oil equivalent, reinforcing the company’s plans to boost output and further develop its concession areas.
Speaking at the Egypt Mining Forum, Badawi revealed that total sales from gold and silver reached approximately $1.5 billion, reflecting a significant 57% year-on-year increase.
