Arab Finance: The Gulf of Suez Petroleum Company (GUPCO) has brought the second phase of the North Safa field development project in the Gulf of Suez into operation as part of the Ministry of Petroleum and Mineral Resources' strategy to boost crude oil production and maximize output from existing fields.

Being developed with investments from UAE-based Dragon Oil in partnership with the Egyptian General Petroleum Corporation (EGPC), the North Safa field currently produces around 15,000 barrels per day (bpd) from five wells.

Meanwhile, GUPCO is preparing to bring an additional well online in the coming days, marking the first milestone of the project's second phase.

The new well is expected to add approximately 2,500 BPD, supporting government efforts to increase local oil production and reduce petroleum imports.

It is worth highlighting that the two-phase development project attracted around $170 million in investment, and is considered one of the ministry's key initiatives to expand crude oil production.

Under the second phase, GUPCO completed the field's connection to the Ramadan-6 complex through a 10-kilometer submarine power cable, linking the field's facilities to the permanent electricity grid and replacing temporary power solutions. This is expected to lower operating costs by nearly $3,700 per day and eliminate the use of diesel for power generation.

Last April, GUPCO drilled a new exploratory well in the South Al Wasl area of the Gulf of Suez, in partnership with the EGPC and Dragon Oil.