Gulf of Suez Petroleum Company (GUPCO) plans to drill 4 new wells, including one exploratory well and three development wells, and execute three maintenance operations for wells during fiscal year (FY) 2018/2019, according to Head of GUPCO, Sabry El Sharkawy, Egypt Oil & Gas reports.

The company will further implement reforms on Morgan-36 marine platform and on production facilities in the Gulf of Suez, as well as the pipeline in the area, targeting 77,000 barrels per day (b/d) production rate during FY 2018/2019, El Sharkawy stated during the general assembly chaired by Minister of Petroleum and Mineral Resources, Tarek El Molla, to review the company’s budget plan.

During the assembly, El Molla stated that “the ministry’s plans target rehabilitating oil and gas onshore and offshore infrastructure, as well as working in new exploration areas in order to preserve fields’ production and add new reserves, through coordination with foreign partners.”