Gupco to increase investments in Ras Shuqair

The Gulf of Suez Petroleum Company (Gupco) is planning to invest USD 1.2 bn over the next two years on exploration and development, according to the local press. This includes a USD 503 mn investment in Ras Shukeir, where the company plans to drill 13 new wells. Gupco was initially established as a joint venture between BP and the Egyptian General Petroleum Company. BP reached an agreement earlier this year to sell its shares in the company to Dragon Oil.