Gulf of Suez Petroleum Company (GUPCO) invested $452m in FY 2024/25, maintained production level at around 57,000 barrels per day (bbl/d) and completed the first phase of the North Safa field, Abdul Wahab El-Maghawry, the company’s Chairman, told its General Assembly headed by Minister of Petroleum and Mineral Resources Karim Badawi.
El-Maghawry added that the second phase of the North Safa Field is expected to go online in the third quarter of the current fiscal year. He also said the company is currently implementing a plan to drill and repair 14 wells in its concessions.
El-Maghawry also pointed out that the company has improved its safety performance as part of its “zero accidents” target. GUPCO is also working on renewable energy projects to replace traditional fuels and has launched a project to capture flare gas and use it as an energy source. The company is also advancing its digital transformation plans to improve the efficiency of well operations, according to its chairman.
Meanwhile, Abdulkarim Almaazmi, Acting CEO of Dragon Oil Company, a shareholder in GUPCO, praised the joint efforts that achieved positive results during the last fiscal year. He stressed the importance of continued cooperation to enhance production efficiency, safety, and environmental performance.
In 2019, Dragon Oil, the fully owned exploration and production (E&P) platform of Emirates National Oil Company (ENOC), acquired BP’s stake in GUPCO. This acquisition, made Dragon Oil the new contractor with the Egyptian General Petroleum Corporation (EGPC) for all oil production and discovery concessions in the Gulf of Suez, effectively replacing BP.
Badawi stressed the need to unify efforts and cooperate with investment partners to boost local production, speed up exploration and discovery, and identify new reserves. He noted that raising production is the most cost-effective way to secure Egypt’s energy needs and cut the import bill, allowing returns to be reinvested in new projects that sustain future output.
GUPCO is a major oil producer in Egypt’s Gulf of Suez, focusing on exploration and production operations in the region.
