Minister of Petroleum and Mineral Resources Tarek El Molla chaired a General Assembly meeting to approve the business results of the Gulf of Suez Petroleum Company’s (GUPCO) for the fiscal year 2022/23.

El Molla praised the results achieved by GUPCO and its success in increasing production rates and overcoming the challenges it faced through cooperation and integration with its partners Emirati Dragon Oil and Italian Eni.

The minister also highlighted the importance of focusing on completing projects on time and putting new discoveries on the production map.

During the meeting, Salah Abd El Karim, GUPCO’s Chairman, reviewed the most important business results achieved by the company during the year.

Abd El Karim explained that the company’s production rates amounted to about 56,200 barrels of oil per day (bbl/d) as a result of drilling five development wells, with a production rate of 6,500 bbl/d. This is in addition to repairing and completing six wells, and operations to improve the wells’ productivity, which contributed to adding petroleum reserves amounting to 27 million barrels of crude oil, as well as 14.8 billion cubic feet of gas. Modern seismic survey work was also carried out, seismic data processing, and the first well was drilled using modern seismic data.

Moreover, Abd El Karim stated that development work is underway for the North Safa project for crude oil production. Production there is expected to begin at a production rate of about 3,000 bbl/d, which will gradually increase until the maximum capacity of the field is reached, which is 12,000 bbl/d.

Abd El Karim explained that the total investments during the year amounted to about $432 million, distributed among research, exploration and development activities, production projects, and infrastructure renewal.