Cairo - Mubasher: The Gulf of Suez Petroleum Company (GUPCO) plans to make investments worth around $519 million with a production rate of about 68,000 barrels per day, as part of the 2022/23 budget, the Chairman of GUPCO, Mohamed El-Meligy, said.
The Minister of Petroleum and Mineral Resources, Tarek El-Molla, attended general assemblies of GUPCO, Agiba, and Pharaonic Petroleum companies to adopt the amended budget for FY21/22 and approve the proposed budget for 2022/23, according to a statement on Monday.
During the meeting, GUPCO announced its plans to drill eight exploration and development wells and add about 8,850 barrels per day.
Meanwhile, the Chairman of Agiba Petroleum Company, Ahmed Mustafa, remarked that the company plans to invest around $553.5 million in FY22/23 and produce 40,000 barrels per day.
