The Gulf of Suez Petroleum Company (GUPCO) is currently seeking the investment of $240 million to renovate and rehabilitate its fields in the Gulf of Suez, said the company’s CEO Mohamed Khafagy to Egypt Oil & Gas.

In addition to the field development program, GUPCO is currently executing its drilling operations, worth $150 million, to further explore new wells in the area.

Khafagy highlighted that GUPCO’s budget for this year counts for approximately $750 million.
Asked about the problem of oil prices fluctuation, Khafagy said that the company is seeking the amendment of its crude oil contracts in order to re-consider the pricing rates to cope with the international ones.

“GUPCO is to announce soon a new discovery in the Western Desert, after the completion of seismic research and drilling operations,” revealed Khafagy.