The Gulf of Suez Petroleum Company (GUPCO) achieved average production rate of more than 61,000 barrels of crude petroleum daily, with the total of the company’s investment expenses exceeding dlrs 400 million.
This was declared during a meeting of GUPCO’s general assembly chaired by Petroleum Minister Tarek El Molla to approve the business results of 2020-2021 fiscal year.
During the meeting, Molla asserted that attracting new investments to the Suez Gulf area to excavate for petroleum or gas is a priority for the Petroleum Ministry.
In a statement released by the Petroleum Ministry, Molla said that there is an ambitious plan that is currently being implemented in coordination with the UAE company of Dragon Oil to increase the production rates in view of an optimistic overlook among the petroleum industry partners influenced by a rise in oil price worldwide.
He noted that the coming phase would witness more turnout on investment in the oil sector after a tough phase that afflicted the industry amid the coronavirus pandemic, a matter which could urge international oil producers to up production.
Meanwhile, Chairman of GUPCO Mohamed el Meligy said that there are efforts to boost the promising opportunities of excavation operations in the Suez Gulf area.
Source: State Information Service Egypt