Abdul Wahab El-Maghawry, the Chairman and Managing Director of the Gulf of Suez Petroleum Company (GUPCO) announced that the company targets to increase the production rate up to 70,000 barrels per day (bbl/d) within the frame of the investment budget worth $585 million during the fiscal year 2025/26.

This announcement was made during the general assembly meeting of GUPCO attended by the Minister of Petroleum and Mineral Resources Karim Badawi and the CEO of Dragon Oil, Ali Rashid Al Jarwan.

El-Maghawry also explained that the plan includes drilling three new exploratory wells to add an initial production of 8,000 bbl/d, in addition to drilling three development wells with a production rate of 3,360 bbl/d.

He added that North Safa project is one of the major projects that the company is accelerating its implementation, as it works to complete the second phase of the production platform for the North Safa field, which will add 2,500 bbl/d to production.

The Chairman stressed that the company continues its efforts to accelerate production increase projects through drilling development and exploratory wells, while adhering to the highest standards of occupational safety and health, preserving the environment, and the safety of assets and the human element.

Badawi praised Dragon Oil, the main partner in GUPO fields, for its efforts to increase production and applying the latest technologies in its operations such as OBN which contributed significantly to the discovery of new reserves.

For his part, Al Jarawan highlighted that the company focuses on applying and using artificial intelligence extensively in exploration operations with the aim of achieving more accurate and efficient results, pointing to its aim to study new ways to reduce the cost of producing a barrel.