Petroleum Africa
Find us on: 
Wednesday, March 3, 2021
Gulf of Suez Petroleum Company (GUPCO) announced that it has allocated $562 million in its budget in fiscal year (FY) 2020/21 for investments in its fields, targeting to raise production rate to 70,000 bpd.
The plan was revealed during a GUPCO general assembly meeting to approve the 2021 budget, chaired by Minister of Petroleum and Mineral Resources, Tarek El Molla. Also in attendance was GUPCO Chairman, Mohamed El Meligy and other senior officials.
According to El Meligy, the new and promising exploration opportunities will be evaluated in light of the results of the seismic survey conducted in cooperation with the Western Geco Schlumberger company. During the meeting, the chairman also reviewed the company’s environmental reform projects including the implementation of an industrial wastewater treatment plant in Ras Shukeir.
Meanwhile, El Molla highlighted the necessity of continued exploration and development operations as well as wells’ maintenance in order to increase the production of GUPCO’s fields. The minister also referred to the major cooperation with Emirati Dragon Oil company, GUPCO’s partner, to help to increase the company’s production in the near future to compensate for natural depletion.
" alt="Botala Increases Stake in Botswana’s Serowe CBM Project">
" alt="Petrofac Awarded Technical Services Contract by GEPetrol">
" alt="Uganda Signs its Fourth CPF with International Atomic Authority">
" alt="EcoFlow Introduces Loadshedding Technology to South Africa">
" alt="Trafigura to Commercially Deploy Daphne Technology’s Puremetrics™ on LNG Carrier">
" alt="Seatrium and Shell Inks MOU to Collaborate on Floating Production Systems">
" alt="Wildcat Updates Status in the Republic of Sudan and South Sudan">
