GUPCO to Invest $538m in FY 2017/2018
Wednesday, 11th January 2017
An official at the Gulf of Suez Petroleum Company (GUPCO) stated to Egypt Oil&Gas that the company has allocated $538m investments in the new budget of fiscal year 2016/2017.
The company will the $538m in drilling a number of new wells and in renovating aging infrastructure. The allocated amounts will further be used in constructing a number of new pipelines and conducting maintenance work on several wells, in addition to the rehabilitation of the main production plant in Morgan Field.
GUPCO’s CEO, Nabil Salah, pointed out to Al Borsa that the company is intending to produce around 76,000b/d within fiscal year 2017/2018. He added that GUPCO succeeded in producing 81,000b/d during the current fiscal year 2016/2017 which exceeded targeted production.
GUPCO also succeeded in installing further gas compressors in the past three years as it installed TG-MOD-D in October field and J10-MOD-D in July Field. Moreover, the company changed power turbines for PH#5-MOD-A in Morgan Field and R6-MOD-A&B in Ramadan Field as well as S/A-MOD-A&B in Sha’ab Ali Field.
GAPCO’s initiatives come in line with the Egyptian Ministry of Petroleum’s drive to enhance product, as, the minister, Tarek El Molla, explained that the importance of executing development projects for the oil and gas fields as soon as possible in order to add production to the national outcome to cover local market’s demands. Accordingly, El Molla urged the continuity of projects that aim to renew the infrastructure including pipelines, production units and gas compressors.