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Cairo – Mubasher: Gulf of Suez Petroleum Company (GUPCO) aims to increase its output to about 77,000 barrels per day (bpd) of crude oil during fiscal year 2020/2021, the company’s chairman Mohamed El-Meligy said.
The company’s shareholders approved an estimated budget of $543 million for the coming fiscal year, El-Meligy added in a statement on Sunday.
This came during GUPCO’s ordinary general meeting (OGM) headed by the Egyptian minister of petroleum Tarek El-Molla for the approval for FY20/21 budget and the amended budget for FY19/20.
GUPCO’s major projects for the next fiscal year include exploratory and developmental drilling activities for boosting crude oil output as well as well repair and maintenance processes using the most advanced techniques and DSL technology.
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