NBE, Banque Misr to finance GPC exploration and drilling with EGP 3 billion loan

GPCThe National Bank of Egypt (NBE) and Banque Misr are arranging a EGP 3 billion facility for the General Petroleum Company (GPC) to finance exploration and drilling operations, as well as debt restructuring, Al Mal reports. NBE and Banque Misr are in talks with a number of banks including the Egyptian Arab Land Bank, Credit Agricole, Emirates NBD, the Egyptian Gulf Bank, and Union National Bank, sources say. Contracts should be signed in the coming weeks. The GPC plans to invest EGP 1.9 billion in FY2017-18, including EGP 1.8 billion on oil and gas exploration and drilling. The company targets producing 53 mn bbl/d of crude, 29.5 mmcf/d of gas, and 360k bbl/d of condensates this fiscal year. Separately, GPC launched an oil and gas tender on Monday for exploration and production agreements in its Eastern Desert concessions.

(Source: Enterprise.press)

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s