Offshore Shukheir Oil Company (OSOCO) has increased production to 1.7 million barrels of oil equivalent (mmboe) during fiscal year (FY) 2025/2026, which is equivalent to an average of 7,100 boe per day, successfully offsetting the natural decline of mature wells, according to Chairman Mohamed Ali Abdullah during the company’s general assembly meeting
OSOCO drilled the Ras El Ush‑5 exploration well, now being prepared for production, according to Abdullah. It also completed the Ras El Ush‑15 development well and brought it on stream, advancing its drilling and exploration program in partnership with Saudi ADES Holding.
In early 2024, ADES Holding signed a 10-year service contract (extendable for an additional 10 years) with EGPC to operate OSOCO’s fields and boost incremental production.
The Ras El Ush field lies in Hurghada in the southern Gulf of Suez. Moreover, OSOCO completed seismic reprocessing operations in the East Zeit fields and began processing work in the Ashrafi field in the Gulf of Suez.
During the meeting, the company’s working team highlighted progress in asset management and operational efficiency, which helped stabilize production and reduce well maintenance costs by about $7.9 million.
OSOCO recorded 2.5 million safe man-hours without lost-time incidents and made progress on plans to upgrade stations and offshore berths, as well as modernize process safety systems at onshore sites. It has been cooperating with Petroleum Safety and Environmental Services Company (PetroSafe) to upgrade offshore berths and facilities, recover flare gases, advance energy transition and emissions-reduction projects, improve energy efficiency, reduce diesel consumption, and progress digital transformation projects.
During the meeting, Salah Abdel Karim, CEO of the Egyptian General Petroleum Corporation (EGPC) stressed the need to maximise use of existing facilities, set clear, time‑bound work plans, and review them regularly to enhance operations and advance the petroleum sector’s goals, serving all partners. He also underscored strict adherence to worker safety and environmental protection.
