Arab Finance: The Gulf of Suez Petroleum Company (GUPCO) has invested around $415 million into oil exploration and production activities in the elapsed fiscal year (FY) 2023/2024, Chairman Salah El-Din Abdel-Karim stated.

The company’s average daily production reached roughly 57,000 barrels of crude oil last FY, Abdel-Karim noted.

He added that drilling two new wells at the Gulf of Suez’s North Safa oil field contributed to achieving an initial production rate of around 7,000 barrels of crude oil daily.

Moreover, he pointed out that the company plans to reach a daily production rate of 15,000 barrels a day after drilling five new wells at the North Safa and Al Wasl fields within the second half (H2) of 2025.

The company is currently implementing a plan to revamp assets, such as production lines, as well as replace compressors needed for production, Abdel-Karim highlighted.

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