Showing posts with label
Gulf of Suez Petroleum Co. (GUPCO).
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Showing posts with label
Gulf of Suez Petroleum Co. (GUPCO).
Show all posts
NOVEMBER 15, 2019 / 2:21 PM
Ron Bousso
- Western Desert sale process to launch end of Nov.
- Shell’s share of production reached 100,000 boed last year
LONDON, Nov 15 (Reuters) - Royal Dutch Shell has appointed investment bank Citi to run the sale of its onshore Egyptian oil and gas assets which could fetch around $1 billion, sources close to the process said.
The sale process is expected to be officially launched at the end of November, the sources said.
Shell said last month it plans to sell its onshore upstream assets in the Western Desert to focus on expanding its Egyptian offshore gas exploration.
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.
MARCH 15, 2018 / 7:48 PM
Ron Bousso
- BP to focus on growing deepwater gas business
- GUPCO business said to be worth over $500 mln
LONDON, March 15 (Reuters) - BP is seeking buyers for its stake in a 50-year-old oil and gas business in Egypt as it focuses on newer deepwater gas fields off the country’s Mediterranean coast, banking sources said.
The London-based company has in recent weeks pitched to potential buyers its stake in Gulf of Suez Oil Company (GUPCO), a joint venture with the Egyptian General Petroleum Corporation (EGPC) that was set up in the 1960s.
A spokeswoman for BP declined to comment.
GUPCO produces over 70,000 barrels per day of oil and 400 million cubic feet per day of gas, the sources said.
20 December 2017
BP today confirmed that production has started from the super-giant Zohr gas field, offshore Egypt. The field is operated by Eni, through its joint venture with The Egyptian General Petroleum Corporation (EGPC), and is the largest natural gas discovery yet to be made in the Mediterranean Sea.
Delivery of first gas from Zohr completes BP’s programme of seven Upstream major project start-ups in 2017. Zohr follows the earlier start-ups of the Khazzan project in Oman, Persephone in Australia, Juniper and the Onshore Compression project in Trinidad, Quad 204 in the UK, and the first phase of the West Nile Delta project, also in Egypt.
Bob Dudley, BP group chief executive, said: “We are proud to have worked with Eni, Rosneft and the Egyptian government to deliver a project that is strategically important for Egypt and will help meet the country’s growing energy demand.
January 9, 2017
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.
