The Gulf of Suez Petroleum Co. (GUPCO) has received L.E. 12 million worth production facilities from Petrobel, which serve GUPCO’s plan to increase its natural gas production from Tart Field by an average of 12 million cubic feet of gas per day. Currently, GUPCO’s daily production accounts for 143 million cubic feet per day.
According to an official in Petrobel, the production volume of Tart Field is expected to attain 155 million cubic feet of gas by this month. He added that the equipments will contribute to the exploration activities held by GUPCO in the deep water area in the Gulf of Suez.
Geologist Refaat Khafagi, Chairman of GUPCO declared that the development process aims at increasing the production of Hapi and Akhen fields to more than 500 million cubic feet of gas and more than 4,000 barrels of condensate per day before the end of this year.
Khafagi added that the project of gas compressors for the Hapi field was completed last year, and has contributed to the increase of the daily gas production to 420 million cubic feet.
Currently, GUPCO is focusing on renovating the infrastructure of the major production platforms in the Gulf of Suez through the implementation of several projects, among which is the renovation project in the Badry Field to secure its 20 million oil barrels reserves.
GUPCO has redeveloped some oilfields in the Gulf of Suez. One of which is GS. 327 with a ten-time production increase to reach 9,000 barrel of oil per day, in addition to five other new wells, expecting production to reach 12,000 barrels by the end of 2008. Also, it succeeded to increase the production volume of EDFU KS 324 field, which reached 18,000 barrels per day.
GUPCO is expected to increase its production to 25,000 barrels per day by the end of 2008 within the framework of an investment program (with a $484 million budget) to develop and modernize the infrastructure of production facilities.
GUPCO is a joint venture between the Egyptian General Petroleum Corporation (EGPC) and British Petroleum (BP); its main activity is focused in the Gulf of Suez area, and has an average total production of crude oil and condensates that reached 105,000 barrels per day.
By: Ashraf Said