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Friday, February 21, 2020
Egypt’s Gulf of Suez Petroleum Company (GUPCO) has approved a budget of around $543 million to achieve an oil production rate of around 77,000 bpd over fiscal year 2020\21, a press release citing GUPCO Chairman Mohamed El Meligy said.
This came during a GUPCO assembly meeting led by the Minister of Petroleum and Mineral Resources, Tarek El Molla. The meeting was also attended by Ashraf Farag, the First Undersecretary for Agreements and Exploration at the Ministry of Petroleum and Mineral Resources; Abed Ezz El Regal, the CEO of the Egyptian General Petroleum Corporation (EGPC); Ali Garwan, the CEO of Dragon Oil Company; as well as other senior executive officials. The meeting was held mainly to approve GUPCO’s planned budget for FY 2020/21 and the adjusted one for FY 2019/20.
El Meligy highlighted GUPCO’s planned activities during the coming fiscal year, which mainly will focus on exploration and production (E&P). These activities target improving the production rates of crude oil, maintaining wells using new technologies, as well as implementing the DSL technology for the first time in Egypt
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