The Gulf of Suez Petroleum Company’s (GUPCO) aims to increase its production from 65,000 barrels of oil per day (bbl/d) currently to 75,000 bbl/d in fiscal year (FY) 2026/27, Abdul Wahab El-Maghawry, the company’s Chairman, announced. This will be achieved through drilling exploratory and developmental wells, as well as implementing well repair programs to maximize the utilization of existing fields, he explained.
This came during the General Assembly held to approve GUPCO’s investment plan for FY 2026/27. The meeting was attended by Karim Badawi, Minister of Petroleum and Mineral Resources, representatives from the UAE’s Dragon Oil and officials from the International Egyptian Oil Company (IEOC Production). Dragon Oil is the co-owner of GUPCO together with the Egyptian General Petroleum Corporation (EGPC), while IEOC, a subsidiary of Italy’s Eni, is a partner in GUPCO’s Tor Sinai concession area.
El-Maghawry noted that the company’s investment plan for FY 2026/27 totals $516.5 million, allocated across exploration and development activities as well as operating expenses (OPEX). He also highlighted the ongoing implementation of infrastructure modernization projects, most notably the replacement of the oil pipeline between Ras Bakr and Ras Shukheir, and a comprehensive upgrade of the Morgan-36 complex.
GUPCO reduced flare gas emissions during the period from July 2025 to January 2026, as part of its commitment to achieving environmentally responsible production growth.
During the meeting, Badawi stated that technology represents a fundamental pillar for maximizing petroleum potential and enhancing operational efficiency. He pointed to the positive results achieved through the application of modern seismic survey techniques, most notably Ocean Bottom Node (OBN) technology, in exploration and discovery activities within the Gulf of Suez. This technology has contributed to uncovering new opportunities in the region, which is considered one of Egypt’s oldest petroleum production areas.
Furthermore, he noted that the Ministry continues to support digital transformation and Artificial Intelligence (AI) applications with the aim of increasing production rates and optimizing costs.
The Minister emphasized the importance of linking production with environmental sustainability, explaining that projects aimed at reducing flare gas emissions and improving energy efficiency contribute directly to lowering emissions.
For his part, Abdulkarim Almaazmi, Dragon Oil’s CEO, praised the success of drilling the Crystal exploration well in the Gulf of Suez region, which the company is executing through GUPCO. This marks the second successful exploration well drilled based on the results of OBN seismic technology, reinforcing opportunities to recover production from mature fields and achieve new discoveries.
Almaazmi reaffirmed the company’s commitment to reducing carbon and flare gas emissions to support sustainability, alongside the continued pursuit of discoveries through modern technology. He noted a significant decrease in gas emissions compared to 2021, reflecting the company’s commitment to environmental standards.”
Meanwhile, Francesco Gasparri, IEOC Production’s President, praised the achievements of Tor Sinai. He commended the fulfillment of production targets, cost reduction, and the improvement of safety indicators, emphasizing that these results reflect the strength of the cooperation between the partners while maintaining the same level of commitment for the upcoming fiscal year.
