The Gulf of Suez Petroleum Company (GUPCO) has allocated $503 million dollars to be invested in several projects during fiscal year (FY) 2019/20, most importantly two exploration projects in cooperation with the Egyptian General Petroleum Corporation (EGPC) and WesternGeco, according to Khaled Hamdan, company head, Egypt Oil & Gas reports.

One of the projects will be directed to design a seismic survey model for the Gulf of Suez mid-region, according to which a seismic survey will be conducted, Hamdan noted.

The second project is related to repeating the seismic treatment of the data of West Morgan region in order to boost exploration opportunities and increase production, Hamdan added during the general assembly chaired by Minister of Petroleum Tarek El Molla, to review the company’s budget plans of FY 2019/20.