Cairo, The Gulf of Suez Petroleum Company (GUPCO) is planning to drill five new wells in North Safa and Al Wasl oil fields in the Gulf of Suez to develop oil reserves that exceed 100 million barrels and increase oil production to 15,000 barrels per day in the second half of next year.
The Petroleum and Mineral Resources Ministry said 226 million dollars worth of investments were pumped into the development project that is carried out by a consortium of Egyptian companies that includes Enppi, Petrojet, and Offshore Petroleum Services, according to the Middle Eastern News Agency (MENA).
The development plans include drilling wells, setting up a production station and extending pipelines.
Source: Bahrain News Agency