Egypt state oil firm EGPC’s upstream subsidiary GPC produced a monthly record 62,000 b/d in August, a substantial further increase from the 56,000 b/d annual record for the Egyptian 2019-20 financial year. And output has since risen further, with GPC chairman Nabil Abdel Sadeq this week informing oil minister Tarek el Molla that GPC’s operated output has hit a new record 64,500 b/d (see chart).

These figures stand in marked contrast to those of Egypt’s upstream as a whole, with oil output falling to a 40-year low of 589,000 b/d for July (see box). (CONTINUED - 725 WORDS)