Arab Finance: Egypt’s Ministry of Petroleum and Mineral Resources announced that PetroGulf has increased its production from fields in the Gulf of Suez to approximately 26,600 barrels per day, marking the highest level since the company’s establishment in 1982, as per a statement.
The company, a subsidiary of the South Valley Egyptian Petroleum Holding Company (Ganope), recorded a significant rise from around 17,000 barrels per day during the current fiscal year (FY) 2025/2026, reflecting an overall increase of about 10,000 barrels per day within five months.
The ministry attributed this growth to the implementation of an intensive work plan that combined new drilling activities with maintenance operations. The plan included the drilling of a new production well, “North Geisum North-16,” which contributed approximately 4,000 barrels per day, alongside a comprehensive maintenance program across existing wells in the Gulf of Suez that added around 6,750 barrels per day.
The development comes amid a series of upstream activity announcements in Egypt this month. On April 7th, Eni reported a gas and condensate discovery after drilling the Denise W-1 exploration well in the Temsah concession, with preliminary estimates indicating around 2 trillion cubic feet of gas initially in place and 130 Mbbl of associated condensates.
During the same month, bp also announced a new natural gas discovery offshore Egypt in the Eastern Mediterranean following the successful drilling of the same well in the Temsah concession.
In parallel, the Gulf of Suez Petroleum Company (GUPCO) drilled a new exploratory well in the South Al Wasl area of the Gulf of Suez, in partnership with the Egyptian General Petroleum Corporation (EGPC) and Dragon Oil.
Additionally, the ministry added four new gas wells to Egypt’s production map in April, with a combined output of about 120 million cubic feet per day. The wells are located in the West El Burullus field in the Mediterranean, in partnership with Cheiron, and in the Khalda fields in the Western Desert, in partnership with APA Corporation, as part of efforts to curb import costs and increase domestic supply.
