Egypt
GUPCO to Invest $226M in Drilling 5 Wells for 100M+ Barrels of Oil
Published on : 2024-07-25

As part of the on-site monitoring of oil production facilities across Egypt's onshore and offshore areas, Engineer Karim Badawi conducted a maritime tour of the offshore production facilities at the North Safa field in the North East Ramadan concession area in the Gulf of Suez, affiliated with the Gulf of Suez Petroleum Company (GUPCO) in cooperation with Dragon Oil from the UAE. During the visit, Badawi monitored the work progress and the technologies used in offshore drilling operations to develop discovered wells, aiming to maximize oil and gas production rates to support the national economy.
Badawi emphasized the importance of continuous field visits to production sites and engaging with workers, who are the spearhead of the production process, given their significant efforts in implementing programs and plans to increase production rates. He highlighted that adherence to safety, occupational health, and environmental preservation is a fundamental part of the petroleum sector's operations. He also urged workers to stay updated with the latest technologies and advanced techniques to enhance operational efficiency and improve production rates.
Engineer Salah Abdel Karim, Chairman of GUPCO, explained that the company plans to drill 5 new development wells in the North Safa and Al-Wasl fields, aiming to develop an oil reserve exceeding 100 million barrels and increase production to 15,000 barrels per day in the second half of next year. The total investments for the development project, including drilling wells, constructing production facilities, and laying marine pipelines, amount to approximately $226 million. The project was executed by a coalition of Egyptian companies including Enppi, Petrojet, and Petroleum Marine Services.