The Gulf of Suez Petroleum Company’s (GUPCO) average production level from its Ras Shouqair crude oil field has reached around 61,700 barrels per day (b/d) in fiscal year (FY) 2019/20, according to the results presented by Khaled Hemdan, GUPCO’s Chairman to the Minister of Petroleum, Tarek El Molla, Egypt Oil & Gas reports.

The company plans to increase the field’s production capacity to reach around 73,000 b/d and targets increasing the pumped investments from $391 million to reach $503 million in the FY 2018/19.

It is anticipated that total investments are expected to reach about $1.2 billion in FY 2019/20 and FY 2020/21 to expand the exploration and production (E&P) activities by drilling 13 new development and exploration wells and 12 well repair operations, which will contribute to reaching the targeted production levels and intensify crude oil reserves.

This comes in line with the company’s ambitious plan to expand oil and gas exploration activities and develop production fields in the Ras Shouqair petroleum area in the Gulf of Suez.