Arab Finance: The Gulf of Suez Petroleum Company (GUPCO) is planning to drill five new oil development wells in the North Safa and Al Wasl fields, the company’s Chairman Salah Abdel Kareem said during the Minister of Petroleum Karim Badawi’s field monitoring.

The project aims to develop an oil reserve of over 100 million barrels and ramp up daily production to reach 15,000 barrels within the second half (H2) of 2025, Abdel Kareem noted.

The construction works of the project include establishing production facilitation platforms and extending offshore pipelines, with around $226 million in investment, he added.

He also pointed out that these works are carried out by a consortium of Egyptian companies, namely Enppi, Petrojet, and Petroleum Marine Services Co.

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