Cairo, The General Assembly of Zaafarana Oil Company (ZAFCO) and Gemsa Petroleum Company (GEMPETCO) convened at the Egyptian General Petroleum Corporation (EGPC) headquarters to review and approve the business results for the fiscal year 2023/2024 in attendance of Alaa El Batal, the Chairman of Egyptian General Petroleum Corporation (EGPC). The meeting was attended by senior officials, including Eng. Tamer Idris, Deputy CEO for Production, and Geologist Mohamed Mohie, Deputy CEO for Exploration.
During the meeting, Eng. Mohamed El-Meligy, Chairman of GEMPETCO, highlighted key achievements, including the completion of over 12 million injury-free working hours and the maintenance of quality certification. Notably, a comprehensive static and dynamic model of the Zafrana field was developed, significantly updating oil reserve estimates and pinpointing new drilling locations.
The assembly reviewed the total production for the fiscal year, which reached 1.7 million barrels. An ambitious development plan for the second half of the year was also announced, involving new drilling projects and well repairs. Efforts to optimize gas usage have led to significant cost savings and reduced carbon emissions by using gas generators instead of diesel.
Eng. Ehab Gerges of Kairon Company, the representative of the partner Cheiron, praised the continuous support from EGPC and emphasized the ongoing commitment to development and energy efficiency.
Geologist Alaa El Batal, Chairman of the Authority, lauded the company’s efforts and urged continued excellence. He acknowledged the partners’ role in boosting production and adhering to safety and environmental standards.