Minister of Petroleum and Mineral Resources Tarek El Molla has witnessed the general assembly of the Gulf of Suez Petroleum Company (GUPCO) to approve the new investment budget for the next fiscal year (FY) 2024/25.

During the meeting, the amended budget for FY 2023/24 and the investment budget for the next FY 2024/25 were approved,

El Molla highlighted the importance of adhering to timetables to implement the ambitious plan to drill wells and increase production rates in the company’s work areas in the Gulf of Suez.

The minister praised the successful partnership with the Emirati company Dragon Oil, stressing the ministry’s continued support and creating the climate to increase the pumping of investments.

GUPCO Chairman Salah Abdel Karim reviewed the ambitious investment plan for FY 2024/25 as well as plans to increase production rates and complete new production field projects, on top of which is the North Safa oil field in the northeastern Ramadan region, which began production at the end of December 2023. This will be done in accordance with the highest standards of occupational safety, health, and environmental protection.

Abdel Karim explained that the investment plan during 2024/25 includes pumping investments estimated at approximately $586 million during the year.

The plan aims to increase daily production rate, which currently stands at about 66,000 barrels per day (bbl/d), to reach 72,000 bbl/d crude oil, and it is planned to drill 12 exploratory and development wells that will contribute to enhancing production and reserves.