PHOTO
Arab Finance: The Gulf of Suez Petroleum Company (GUPCO) drilled a new exploratory well in the South Al Wasl area of the Gulf of Suez, in partnership with the Egyptian General Petroleum Corporation (EGPC) and UAE-based Dragon Oil, according to a statement.
Testing of the well yielded production rates of approximately 2,500 barrels of oil per day (bopd) and 3 million cubic feet of natural gas.
The well was immediately linked to existing production facilities, increasing the company's overall production capacity to around 67,000 bopd for the first time in a long while.
This milestone reflects the Gulf of Suez fields’ ability to restore high production rates, leveraging the latest technological solutions, such as the three-dimensional seismic survey method using Ocean Bottom Node (OBN) batteries.
This technology has enabled the identification of previously untapped geological structures and opened new avenues for exploration in promising areas with significant oil reserves.
Last January, GUPCO commenced production from the Al-Wasl-4 development well in the North Safa offshore field, in line with its strategy to maximize returns from its fields through the implementation of an integrated program for drilling exploratory and development wells.
