Arab Finance: The Gulf of Suez Petroleum Company (GUPCO) aims to pump investments worth $586 million in the upcoming fiscal year (FY) 2024/2025, the company’s Chairman Salah Abdel Karim said in a virtual meeting with Minister of Petroleum and Mineral Resources Tarek El-Molla.
The company also seeks to increase its daily production rate to reach 72,000 barrels of crude oil daily from about 66,000 barrels per day now.
The firm also plans to drill 12 exploratory and development wells to boost oil production and reserve.
In January, GUPCO started production at the first well of the North Safa oil field in the northeastern Ramadan region of the Gulf of Suez.