The Gulf of Suez Petroleum Company’s (GUPCO) produced an average of 71,000 barrels per day (b/d) of crude oil and condensates in fiscal year (FY) 2017/18 from its field in the Gulf of Suez, Egypt Oil & Gas reports.

Sabry Abu el Wafa, head of GUPCO, said that the company added over 10 million barrels of crude oil in 2017/18, which represents 41% of annual output. The reserves increased due to drilling two new development wells and two exploratory wells.

Abu el Wafa revealed the information during a general assembly chaired by petroleum minister Tarek El Molla to review GUPCO’s performance during the last financial year.

He also said that the company was planning to drill new wells, opportunities which may boost crude production by 5,000 b/d.

GUPCO is executing a number of rehabilitation and renewal projects for the crude oil production infrastructure in the Gulf of Suez. The projects will be finalized consecutively in 2019 in order to increase production rates.

Abu el Wafa also said that cost-cutting measures had led to the company saving more than $33 million in FY 2017/18.