Egypt’s GUPCO records $432mln total investment in 2022/23

The Gulf of Suez Petroleum Company (GUPCO) has recorded a total investment of $432 million in field of research, exploration, development, production projects, and infrastructure renovation, according to Ministry of Petroleum on Monday.

Tarek El-Molla, Minister of Petroleum, appraised the importance of continuing to apply state-of-the-art technologies widely in research, exploration and production of petroleum and gas, continuing to increase production rates and reduce payments.

GUPCO’s CEO said that North Safa crude oil production field is in the process of developing, as it expected to start at a production rate of about 3,000 barrels of crude oil per day, gradually increasing until reaching 12,000 barrels of per day.

These remarks came during GUPCO’s general assembly meeting to adopt the business outcomes for the financial year 2022/2023, the Ministry of Petroleum and Mineral Resources statement added.