Chairman of Gulf of Suez Petroleum Company’s (GUPCO) Salah Abdel Kareem stated that his company has a plan to invest $588 million during the fiscal year (FY) 2023/24 to enhance petroleum production rates to reach 70,000 barrels per day (bbl/d).

His remarks came during  the general assembly of the company chaired by the Minister of the Petroleum and Mineral Resources Tarek El Molla to approve its budget plan for FY 2023/24.

the chairman added that the enhancement of production will be achieved by drilling developmental and discovery wells in addition to accelerating the completion of related projects considering occupational health and safety.

Additionally, the chairman said that the company will drill 11 discovery and developmental wells during FY 2023/24 noting that North Safa field’s new production line is completed and it will start production of 8,500 barrels per day (bbl/d) in addition to reserves of 170 million barrels. Abdel Kareem noted also that GUPCO aims to implement an ambitious plan for rebuilding infrastructure and updating the facilities.

For his part, El Molla stressed the importance of accelerating the implementation of drilling plans and increasing oil production. He also highlighted the importance of continuing to follow up on the implementation of environmental requirements and treatment of industrial water wastes in the Gulf of Suez region as part of the sector’s strategy to preserve the environment, support compliance with the environmental law, and achieve sustainability.

Moreover, El Molla requested to continue implementing plans for the optimal utilization of resources, maximizing energy efficiency activities and projects, and rationalizing its consumption, which in turn helps reduce production costs.