Egypt: GUPCO allocates $415mln for 2023/24 oil exploration, production activities

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Egypt - Karim Badawi, Minister of Petroleum and Mineral Resources, attended the General Assembly meeting of the Gulf of Suez Petroleum Company (GUPCO) to approve its results for the fiscal year 2023/2024. The company invested approximately $415m in exploration, production, and related activities.

During the meeting, Badawi emphasized the importance of continuing and supporting ongoing efforts to increase exploration and production activities in GUPCO fields. He highlighted that these efforts are crucial for uncovering the potential of promising areas in the entire Gulf of Suez region. Badawi praised the commitment of GUPCO’s partner, Dragon Oil UAE, in supporting investment in the exploration and development of production facilities to ensure sustainability and expedite the activation of fields.

Badawi also stressed the importance of utilizing modern technology to boost production and called for intensified efforts to accelerate drilling activities and develop existing fields in GUPCO areas to enhance production rates. He instructed the preparation of an updated work plan focusing on safety and environmental compliance, with regular monitoring of its progress.

Ali Rashid Al Jarwan, CEO of Dragon Oil UAE, reiterated the company’s commitment to increasing exploration activities in the Gulf of Suez, aiming for discoveries to boost production and fully exploit the petroleum potential of the area. He emphasized the company’s dedication to transferring modern technology and artificial intelligence to support and increase production in Egypt, as well as enhancing operational efficiency and accelerating drilling and field development efforts.

During the General Assembly, Salah Abdel Karim, Chairperson of GUPCO, presented key results from the year. Its daily production reached around 57,000 barrels of crude oil, with the addition of two new wells in the North Safa field in the Gulf of Suez contributing an initial production rate of 7,000 barrels per day. The company plans to drill five new wells, aiming to achieve production rates of 15,000 barrels per day at the North Safa and Wasl fields in the second half of next year. GUPCO is also implementing a plan to renew assets, including production lines and necessary compressors.

Additionally, Abdel Karim noted that adherence to occupational safety and health standards resulted in 16 million safe work hours without accidents or injuries.