The Gulf of Suez Petroleum Company (GUPCO) has approved a budget of around $543 million to achieve a production rate of around 77,000 barrels per day of crude oil (bbl/d) in Fiscal Year (FY) 2020\21, GUPCO Chairman, Mohamed El Meligy said according to a press release.

This came during the company’s assembly meeting headed by the Minister of Petroleum and Mineral Resources, Tarek El Molla. The meeting was also attended by Ashraf Farag, the First Undersecretary for Agreements and Exploration at the Ministry of Petroleum and Mineral Resources; Abed Ezz El Regal, the CEO of the Egyptian General Petroleum Corporation (EGPC); Ali Garwan, the CEO of Dragon Oil Company; as well as other senior executive officials. The meeting was held mainly to approve GUPCO’s planned budget for FY 2020/21 and the adjusted one for FY 2019/20.

During the meeting, El Meligy featured GUPCO’s planned activities during FY 2020/21, which mainly will focus on exploration and production (E&P). These activities target improving the production rates of crude oil, maintaining wells using new technologies, as well as implementing the DSL technology for the first time in Egypt.

Furthermore, the meeting tackled GUPCO’s contributions to the seismic survey project conducted between EGPC and WesternGeco Company. This project mainly aims to obtain the best geological position of  concession areas, as well as reducing the E&P risks.

For preserving the environment, El Meligy mentioned the establishment of an industrial wastewater treatment plant for the offshore platforms in Ras Shukheir concession. He added that this project is seen as one of the most important projects for protecting the environment.

For his part, El Molla stressed on the importance of health, safety, and environment (HSE) describing it as a cornerstone in the ministry’s strategy. This strategy mainly focuses on raising the sector’s performance efficiency, increasing the production of crude oil and natural gas, in addition to reducing production costs. This all comes in line with the Modernization Project.