Monday August 26, 2019
Mohamed Farag
Gulf of Suez Petroleum Company (GUPCO) plans to bring total investments in the fiscal years (FY) 2019/20 and 2020/21 up to $1.2bn to expand research, exploration, and development activities. The company aims to drill 13 new wells and carry out 12 repair operations, which will contribute to increasing production to targeted rates.
Geologist Khaled Hamdan, chairperson of GUPCO, said during his meeting with the Minister of Petroleum and Mineral Resources, Tarek El-Molla, that an ambitious work plan is being implemented to expand the activities of oil and gas research and development in Ras Shuqair (Ras Shukheir) area in the Gulf of Suez, which also include developing the quality of infrastructure and production facilities in the region.
The results of GUPCO operations showed that the average production from its fields in Ras Shuqair amounted to about 61,700 barrels of crude oil per day during FY 2018/19, and that there is a plan to increase production from Ras Shuqair fields during the current fiscal year to about 73,000 barrels per day.
