Offshore Shukair Oil Company (OSUCO) is planning to drill a new development well in North Shukair field in the company’s acquisition area in the Gulf of Suez, according to Moustafa Abdul Aziz, Assistant General Manager of Petroleum Engineering at the company.

Abdul Aziz added that OSUCO’s drilling plan for the year 2010-2011 is going to cost $12 million, of which 6 millions are dedicated to the new development well.

He also said that his company is aiming to raise its production rate to reach 1500 barrels per day of crude oil, after the increase in the drilling plan by of $2 million from the last year.

Abdul Aziz pointed that OSUCO assigned $250,000 budget to recover some of the wells and change some of the wells’ course.