Gulf of Suez Petroleum Company (GUPCO) daily production has averaged at around 57,000 barrels (bbl) during fiscal year (FY) 2019/20, as the company was also able to cut 20% of production cost per barrel last June, Chairman Mohamed El-Meligy stated.
El-Meligy’ s statements came during the company’s general assembly meeting in the presence of Minister of Petroleum and Mineral Resources Tarek El Molla. He added that the new addition of 5,000 bbl has increased the company’s current production to nearly 61,000 bbl. The company has also managed to drill three new development wells and one exploratory well in the Gulf of Suez. Not only that, but GUPCO also carried out well maintenance operations using digital wire unit technology for the first time in Egypt’s petroleum sector.
El Molla called for expediting GUPCO’s industrial wastewater treatment project, in partnership with the Ministry of Environment, in order to protect the marine environment. El-Meligy noted that the project is set to treat about 40,000 bbl of wastewater.
El Molla also stressed the importance of increasing GUPCO’s oil production and to overcome the natural decline in the production of the old fields. He added that applying new methods to rationalize operating costs and increase economic viability should be taken into account.