GEMSA Petroleum Company (GEMPETCO) is studying the possibility of renting a new rig to start initiating its drilling plan for this year in the Gemsa oilfield in its acquisition area in the Gulf of Suez.

Gempetco’s drilling plan includes drilling three new wells, of which two will be exploratory and the third is for development, in El Nokhl  with investments estimated by $25 million after conducting the needed 3D seismic studies.

"The investments of the exploratory wells are expected to reach $13 million of the total financial drilling plan for the current year," said Engineer Ezz Eldin Mohamed, Gempetco CEO.

"This year’s financial plan is estimated by $29.5 million, and it will start by June and ceased by the end of next fiscal year," Mohamed said.

"We are aiming to boost our production rate of crude oil, which is now 2200 barrels of oil per day."