Last March, the company completed the drilling of two new wells in adherence to GUPCO’s development plan for the 2011-2012 fiscal year.

The ‘EM 306-1 ST1’ is an exploratory crude-producing well situated in the Gulf of Suez. It was drilled to a total depth of 14,000 feet via the KAMOSE rig, with drilling investments totaling $13.79 million.

Also in the Gulf of Suez, the company completed the drilling of an oil-producing developmental well, dubbed ‘J 58-81A ST-2,’ with drilling investments averaging $5 million. Using the rig BENNEVIS, drilling has reached the depth of 10.335 feet.

According to the analytical report conducted by Egypt Oil & Gas to assess the performance of the Gulf of Suez Petroleum Company (GUPCO,) production figures have witnessed bouts of narrow fluctuations from October 2011 to March 2012.

The analysis concluded, the company’s crude oil production rates averaged 2,438,684 barrels of and 202,578 feet of natural gas.

Over this period, crude production peaked in January 2012, standing at 2,596,271 barrels, and hit its lowest point February 2012, falling to 2,313,731 barrels.

During the same timeframe, GUPCO’s natural gas production peaked in March 2012, standing at 284,816 cubic feet. The company’s lowest rate during the aforementioned period was in February 2012, standing at 157,575 cubic feet.

GUPCO is a joint-venture company between British Petroleum (BP) and the Egyptian General Petroleum Corporation (EGPC.)