Chairman of Gulf of Suez Petroleum Company (GUPCO) Salah Abdel Kareem has announced that the company’s average production recorded 57,000 barrels per day (bbl/d) during the fiscal year (FY) 2023/24 and pumped investments amounted to $415 million in exploration and production.

These remarks were said during the general assembly meeting of GUPCO held in attendance of the Minister of Petroleum and Mineral Resources Karim Badawi to approve its annual operational results for the fiscal year (FY) 2023/24.

Salah Abdel Kareem added that putting two new wells on the production stream at the North Safa petroleum field contributed to achieving initial production of 7,000 bbl/d, noting that five new wells are planned to be drilled to raise the field’s production to 15,000 bbl/d during H2 of 2025.

He mentioned that GUPCO is implementing a plan to renew the assets such as pipelines and needed compressors for production. Abdel Kareem stated that the commitment to health, safety, and environment measures (HSE) led to achieving 16 million safe hours.

For his part, Badawi stressed the importance of continuing and supporting the ongoing efforts to increase exploration and production activities in GUPCO fields, appreciating the interest of the oil sector partner, the Emirati company Dragon Oil, in supporting investing in the field of research, exploration and developing production facilities to become sustainable and to help quickly put the fields into production.

He also pointed out the importance of exploiting modern technology to increase production, stressing the importance of intensifying efforts to boost and accelerate the activities of drilling wells and developing existing fields in GUPCO concession areas.

Additionally, Ali Al Jarwan, CEO of Dragon Oil, stated that his company intends to increase research and exploration activities in the Gulf of Suez, which supports the achievement of discoveries to increase production and reveal all petroleum potentials in the Gulf of Suez.

He also stressed the company’s keenness in this context to transfer modern technology and artificial intelligence (AI) to support and increase production in Egypt, where the company is making great efforts, in addition to increasing efforts to raise the efficiency of operations and accelerate the drilling of wells and fields development.