Cairo – Mubasher: The Egyptian Minister of Petroleum and Mineral Resources, Tarek El-Molla, said that attracting new investments to the oil and gas exploration sector in the Gulf of Suez is on top of the ministry's priorities.

Currently, a seismic survey is being conducted at the Gulf of Suez with the aim of creating new discovery opportunities and increasing reserves and production, Maait said in a statement on Monday.

This came during Gulf of Suez Petroleum Company's (GUPCO) general assembly for the approval of the business results for fiscal year (FY) 2020/2021.

El-Molla said that there is an ambitious plan implemented in coordination with UAE's Dragon Oil, which is a shareholder in GUPCO, to increase the production rates.

GUPCO's average production rate has reached more than 61,000 barrels per day (bpd), while the number of newly-drilled wells amounted to seven, the company's Chairman, Mohamed El-Meligy, said.

The most recent well has been put on production in the first quarter (Q1) of FY21/22, producing 1,000 bpd of crude oil with an investment cost of over $400 million.

Source: Mubasher

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