CAIRO – 5 August 2024: In the fiscal year 2023/2024, the Gulf of Suez Petroleum Company (GUPCO) directed investments totaling approximately $415 million towards research, exploration, and production ventures in Egypt, as per an official statement from the Ministry of Petroleum and Mineral Resources.
Following the incorporation of two new wells in the North Safa oil field situated in the Gulf of Suez, GUPCO's crude oil production has surged to an estimated 57,000 barrels per day. This strategic enhancement has led to an initial production rate of about 7,000 barrels per day.
An extensive strategy is in progress to amplify production capabilities by the drilling of an additional 5 wells. The objective is to escalate the production rates of both the North Safa and Al Wasl fields to 15,000 barrels per day by the latter part of the upcoming year.
Simultaneously, GUPCO is actively involved in revamping vital assets such as production lines and upgrading essential compressors to fortify production efficiency.
These developments transpired during GUPCO's virtual conference with Minister of Petroleum and Mineral Resources, Karim Badwi, to endorse the outcomes of its operations for the fiscal year 2023/2024.
During the meeting, Badawi underscored the importance of ongoing initiatives geared towards augmenting research and exploration endeavors within GUPCO fields. These endeavors play a pivotal role in boosting production rates and aiding in the exploration of latent potential within the Gulf of Suez region.
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