Oil, gas production 'important' in Gulf of Suez: Minister

CAIRO - 3 September 2018: Minister of Petroleum Tarek el Molla has stressed the importance of continuing oil and gas exploration in the Gulf of Suez and accelerating development plans in the area.

During a meeting of the general assembly of the Gulf of Suez Petroleum Company (GUPCO) and Pharaonic Petroleum Company Monday to approve the outcome of fiscal year 2017/2018 plan, he said the seismic survey project being carried out in the region as part of the development of oil sector would increase the chances of prospecting for oil and gas in the Gulf of Suez.

Engineer Hassan Abady, the president of Pharaonic Petroleum Company, praised the successes of work carried out in Atoll gas field in deep water in the concession area north of Damietta in the Mediterranean whose production amounted to 350 million cubic meters of gas daily.

For his part, GUPCO manger Sabry Abul Wafa said the average rate of GUPCO production in the Gulf of Suez amounted to 71,000 crude oil a day, pointing out to a plan to increase the company's production through digging more fields.