GUPCO’s output exceeds 61,000 bpd

GUPCO’s output exceeds 61,000 bpd

Cairo – Mubasher: The Egyptian Minister of Petroleum and Mineral Resources, Tarek El-Molla, said that attracting new investments to the oil and gas exploration sector in the is on top of the ministry's priorities. This came during Gulf of Suez Petroleum Company's (GUPCO) general assembly for the approval of the business results for fiscal year (FY) 2020/2021. El-Molla said that there is an ambitious plan implemented in coordination with UAE's Dragon Oil, which is a shareholder in GUPCO, to increase the production rates. GUPCO's average production rate has reached more than 61,000 barrels per day (bpd), while the number of newly-drilled wells amounted to seven, the company's Chairman, Mohamed El-Meligy, said. The most recent well has been put on production in the first quarter (Q1) of FY21/22, producing 1,000 bpd of crude oil with an investment cost of over $400 million. All Rights Reserved - Mubasher Info © 2005 - 2021 Provided by SyndiGate Media Inc. ( ).