PHOTO
Arab Finance: The Gulf of Suez Petroleum Company (GUPCO) has successfully commenced production from the Al-Wasl-4 development well in the North Safa offshore field, according to a statement.
The well added a daily production of 2,250 barrels of crude oil and 1.3 million cubic feet of gas, raising the company's total production to around 65,000 barrels of crude oil per day.
This achievement aligns with GUPCO’s strategy aimed at maximizing returns from its fields through the implementation of an integrated program for drilling exploratory and development wells.
Moreover, the company is also working on reevaluating geological structures and exploiting opportunities in older fields.
Based on the positive results highlighted by recent studies, the Al-Wasl-4 well is considered one of the most prominent wells included in the company's 2026 plan.
The North Safa field is one of the most major discoveries in the Gulf of Suez area in recent years, as actual production commenced in 2024.
GUPCO implemented a field development project that covered the construction of a new offshore production platform and the connection of production lines, fully adhering to the highest occupational health, safety, and environmental protection standards.
The company is currently developing an integrated reservoir pressure maintenance program through water injection in three wells, to boost production rates and achieve optimal efficiency while preparing for the second phase of field development.
