Arab Finance: The Gulf of Suez Petroleum Company (GUPCO) has increased its crude oil production to 71,250 barrels per day, its highest level since July 2019, according to a statement by the Ministry of Petroleum and Mineral Resources.

The ministry attributed the increase partly to the settlement of outstanding dues owed to foreign investment partners, which has supported efforts to restore production through expanded drilling, exploration, and field development activities.

The accelerated development of the offshore North Safa field in the Gulf of Suez also contributed to the increase. The commissioning of the SB293-9 well lifted the field’s total production to more than 18,000 barrels per day.

Development work at the field included building a new offshore platform, installing connecting pipelines, and upgrading the production system.

GUPCO also commissioned a new turbocharger at the M36 station as part of the project’s fourth phase. The equipment is expected to improve operational efficiency and increase output from existing wells.

Alongside its development activities, the company continued exploration work by drilling the Crystal Northeast Ramadan well from the Al Fanar offshore platform, supporting its plans to sustain production growth.

GUPCO is a joint venture between the Egyptian General Petroleum Corporation (EGPC) and UAE-based energy company Dragon Oil. Their partnership is advancing further drilling, exploration, and development programs in the Gulf of Suez.