Gulf of Suez Petroleum Company (GUPCO) surpassed its production targets for the month of July, Egypt Oil & Gas reports.
In July, the company produced 440,773 barrels of oil equivalent (boe), 170% of the 259,213 boe it had targeted.
It also produced 2,546,100 barrels of oil and 69,973 barrels of condensates for a combined total of 2,616,073 barrels—or 104% of its targeted production rate.
GUPCO produced approximately 72,500 barrels per day (b/d) of oil and condensates during fiscal year (FY) 2016/2017, the Head of GUPCO, Nabil Salah, had previously stated.
The company has reserves of 345 million barrels of crude oil and 771 billion cubic feet (bcf) of natural gas.