Egypt’s General Petroleum Company (GPC) has signed a financing agreement with a banking alliance made up of 6 local lenders to obtain a loan of EGP 2.3 billion to finance oil and gas exploration and drilling operations.
The vice chairman of the National Bank of Egypt (NBE) Yehia Abul Fotooh said that the banking alliance arranging the deal includes NBE, Banque Misr, Arab African International Bank, Societe Arabe Internationale De Banque (SAIB), EG Bank and Union National Bank – Egypt.
The financing will be provided in Egyptian pounds and the loan duration is 7 years, he added.
GPC’s strategy during the fiscal year 2017/18 aims to implementing replacement and renewal programs at a cost of EGP 99.3 mn and exploration and drilling projects costing EGP 1.757 bn.
The state-owned company operates in exploration, production and development of hydrocarbons.
Al Mal newspaper reported earlier that the General Petroleum Company (GPC) has addressed some banks operating in the local market to obtain a loan worth EGP 2bn to finance oil and gas exploration and drilling operations.
GPC has reached unprecedented production rates of 57,000 barrels of oil equivalent per day, according to the Petroleum Ministry in a previous statement.
The increased output rates follow the discoveries of two new fields, NES-5 and NES-7, the ministry added.
The combined production of the two fields is 3,000 barrels of crude oil per day and 1.5 million cubic feet of gas.
(Source: Almal News)