GUPCO – Gulf Of Suez Petroleum Co. said it targets investments of $538 million in the fiscal year 2017 – 2018.
Earlier, the company’s management approved the estimated budget for FY 2017 – 2018, said a press release.
GUPCO plans to produce 76,000 barrel per day in the new fiscal year.
The company’s production rate hit 81,000 barrel in FY 2016 – 2017, according to a press release.
TEKMOR Note: From the BP webiste: "Over the years we have established strong relationships with the Egyptian government and the Ministry of Petroleum. Our pioneering partnership with the Egyptian General Petroleum Corporation has made our joint venture, the Gulf of Suez Petroleum Company (GUPCO), an industry leader and one of the largest oil and gas operations in the entire region. With GUPCO leading our operations since the 1960s, we have successfully managed to maintain oil production flat in the Gulf of Suez and our goal is to grow and sustain production levels for the years ahead."
(Source: Mubasher)
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(Source: Mubasher)
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