PetroGulf Misr’s GNN-16 well drilling cuts operational costs by $700,000

Arab Finance: PetroGulf Misr achieved a technical and economic success in the design and drilling of the GNN-16 well in the Gulf of Suez, saving $700,000 in operational costs, according to a statement.

In coordination with the Egyptian General Petroleum Corporation (EGPC), the well is expected to contribute to increasing the company’s production to over 30,000 barrels per day.

This is part of the Ministry of Petroleum and Mineral Resources’ strategy to maximize operational efficiency and reduce production costs.

The team combined two drilling phases into a single one, eliminating the need for casing.

The success of GNN-16 reflects the Egyptian engineers’ ability to develop innovative engineering solutions, backing the ministry’s ambitious goals of the five-year plan to increase petroleum production.