The Gulf of Suez Petroleum Company (GUPCO) produced an average of over 61,000 barrels per day (b/d) of crude oil during fiscal year (FY) 2020/21, Mohamed El Meligy, chairman of the company, said.

This came during the general assembly meeting chaired by Minister of Petroleum and Mineral Resources, Tarek El Molla, to review the company’s performance in 2020/21, the ministry said in a statement.

Additionally, GUPCO drilled 7 new wells, of which the most recent were added to production during Q1 2021/22 with a 1000 b/d crude oil production rate, El Meligy noted.

He also estimated the total investment expenditures at more than $400 million.

Attracting new investments to the Gulf of Suez region to search and explore for oil and gas is among the priorities of the ministry and its current program to develop and modernize the petroleum sector, El Molla pointed out.

The Egyptian oil and gas sector is implementing an ambitious plan in coordination with UAE’s company Dragon Oil, a partner in GUPCO, to increase production rates, El Molla added.

When it came to the continuing efforts to promote promising opportunities for exploration in the Gulf of Suez, El Meligy stated that the processing of seismic data for about 200 km2 in the West Marjan region has been completed. A seismic survey is underway for another 345 km of the seabed.