Arab Finance: The Gulf of Suez Petroleum Company (GUPCO) signed a contract with SLB to conduct a seismic survey using ocean bottom node (OBN) technology across GUPCO's concessions in the central and southern Gulf of Suez.

Minister of Petroleum and Mineral Resources Karim Badawi witnessed the signing, under which operations are scheduled to begin in November. The project will cover 1,035 square kilometers, making it the largest of its kind in the region using OBN technology.

In cooperation with the Egyptian General Petroleum Corporation (EGPC) and Dragon Oil, GUPCO’s investment partner, the survey is being implemented to identify promising oil exploration opportunities, reduce exploration risks, and encourage investment to boost domestic petroleum production

For his part, GUPCO Chairman Abdelwahab El-Maghawry said the company drilled five exploratory wells across its Gulf of Suez operating areas between 2022 and 2026, achieving an 80% success rate, compared with nearly 25% during the 2017–2022 period before the adoption of the technology.

Badawi noted that Dragon Oil’s deployment of advanced technologies and investment in its operating areas helped raise GUPCO’s field production to its highest levels since 2019, highlighting the role of improved geological data in enhancing exploration results and maximizing existing production assets.

The ministry’s exploration strategy also includes seismic surveys in other parts of Egypt. Current operations in the southern Western Desert cover more than 100,000 square kilometers, including areas west of Assiut and the Dakhla. Preparations are also underway for a new survey covering approximately 110,000 square kilometers in the western Western Desert near the Libyan border.