Chairman of Gulf of Suez Petroleum Company (GUPCO) Salah Abdel Kareem has announced that the company to drill new five developmental wells in the fields of North Safa to increase the stock to more than 100 million barrels and the production rates to 15,000 barrels per day (bbl/d) during Q2 of 2025.

This came during the discussion session he gave during the tour visit the Minister of Petroleum and Mineral Resources, Karim Badawi made to the operation sites of the company to review the workflow and the latest technologies used in offshore drilling to maximize the production.

Abdel Kareem added that the total investment costs for the development project are estimated at $226 million which is implemented through a consortium including the companies of Enppi, Petrojet, and Petroleum Marine Services (PMS).

From his side, Badawi stressed the continuation of the visits to operation sites and meetings with workers who represent the spearhead of the production process due to the great efforts that fall upon them in implementing the programs and plans established to increase production rates.

The minister explained that following occupational safety and health instructions and preserving the environment are one of the basic elements for operation in the petroleum sector. Also, he urged workers to always be aware of the latest technologies and advanced techniques to raise operation efficiency and improve production rates.