$ 1.2 billion expected investments to expand research and exploration activities in the Gulf of Suez

Cairo 26-08-2019
The Egyptian Ministry of Petroleum announced the implementation of an ambitious action plan to expand the activities of oil and gas research and development of production fields in the Ras Shuqair petroleum area in the Gulf of Suez.
The results of the work of the Gulf of Suez Oil Company (GAPCO), presented by geologist Khaled Hamdan, the chairman of the company to Engineer Tarek El Molla, Egyptian Minister of Petroleum and Mineral Resources, said that the average production from its fields in Ras Shuqair amounted to about 61.7 thousand barrels of crude oil per day during the fiscal year 2018-2019. There is a plan to increase production from the fields of Ras Shuqair during the current fiscal year to about 73 thousand barrels of oil per day.
It is targeted to increase the pumping of investments in Ras Shuqair fields from about $ 391 million in 2018-2019 to about $ 503 million in 2019-2020.Total investments in 2019-2020 and 2020-2021 are expected to reach about $ 1.2 billion for expansion In the activities of research, exploration and development through drilling 13 new development and exploration wells and 12 operations to repair the wells, which contributes to reaching the target production rates and support oil reserves.
As part of the efforts to develop and replace the infrastructure and production facilities to provide the highest levels of security and safety in the fields and maintain the efficiency of operation, the completion of several projects in the field of October and Ras Bakr and Unit 101 gas extraction plant, and is currently working on the implementation of four new projects, including Rehabilitation of the infrastructure of production facilities in Morgan-36 station in addition to the project of replacing the sea lines network and the application of low saline water injection technology in Badry and El-Marjan fields to maximize the production of crude oil. Ras Shuqair industrial fields in accordance with the best international standards and standards to support environmental compatibility.