GUPCO to invest $226 mln in drilling 5 petroleum wells in Egypt

Minister of Petroleum and Mineral Resources Karim Badawi has visited the production facilitation platform of the North Safa marine field in the Gulf of Suez's Northeast Ramadan concession area, which belongs to GUPCO and the Emirati company Dragon. Badawi affirmed the importance of field visits to production facilities and front-line workers who execute the projects to increase production rates. Moreover, he stated that following safety procedures and conserving the environment are basic foundations of working in the petroleum sector. He also encouraged workers to regularly review the latest technologies to improve operational efficiency and increase production rates. The Gulf of Suez Petroleum Company (GUPCO) will drill five new developmental petroleum wells in the North Safa and Al-Wasl fields to develop a reserve surpassing 100 million barrels and increase production to 15,000 barrels daily during the second half of 2025. The project's total investments, including drilling wells, establishing producti on facilitation platforms, and extending offshore pipelines, are valued at around $226 million, according to a statement by the Ministry of Petroleum and Mineral Resources on Thursday, citing GUPCO Chairman and Managing Director Salah El-Din Abdel-Karim. Source: State Information Service Egypt