GUPCO Allocates over Half Billion for 2021 Work Program
Gulf of Suez Petroleum Company (GUPCO) announced that it has allocated $562 million in its budget in fiscal year (FY) 2020/21 for investments in its fields, targeting to raise production rate to 70,000 bpd.
The plan was revealed during a GUPCO general assembly meeting to approve the 2021 budget, chaired by Minister of Petroleum and Mineral Resources, Tarek El Molla. Also in attendance was GUPCO Chairman, Mohamed El Meligy and other senior officials.
According to El Meligy, the new and promising exploration opportunities will be evaluated in light of the results of the seismic survey conducted in cooperation with the Western Geco Schlumberger company. During the meeting, the chairman also reviewed the company’s environmental reform projects including the implementation of an industrial wastewater treatment plant in Ras Shukeir.
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