Cairo – Mubasher: Gulf of Suez Petroleum Company (GUPCO) has produced a daily average of about 61,000 barrels of oil after the addition of 5,000 new barrels during fiscal year 2019/2020, the Chairman, Mohamed El-Meligy, said.
The company also managed to cut its production costs by 20% in June, El-Meligy added in a statement released by the Ministry of Petroleum on Thursday.
In addition, GUPCO drilled three new development wells and one exploratory well in the Gulf of Suez oil concession, in addition to carrying out well maintenance operations using high technology.
El-Meligy further revealed that a new project is currently being implemented for the treatment of about 40,000 barrels of wastewater.
This came during the general meeting, headed by the Minister of Petroleum, Tarek El-Molla, which was convened to approve the financial results of FY19/20.
