A whole lot of oil investments: Four companies have plans to pump mns of USD into oil production through well-drilling and well-rehabilitation, according to an Oil Ministry statement.

#1- GUPCO to dig up oil from Safa and Al Wasl fields: The Gulf of Suez Petroleum Company (GUPCO) plans to invest some USD 226 mn to drill five development wells in the North Safa and Al Wasl fields, according to a separate statement. The company plans to up its daily production to 15k barrels a day during the second half of 2025.

#2- Belayim Petroleum Company (Petrobel) plans to drill two new wells in the South Feiran and A-8 areas — the company is currently mulling 14 exploration options with reserves totalling 55 mn barrels. Petrobel is also focusing on developing unconventional reservoirs with estimated reserves of 10.5 mn barrels.

#3- Suez Oil Company's expansion: Suez Oil Company (SUCO) aims to double its production during the second quarter of the current fiscal year through well rehabilitation and development drilling. The company also plans to expand outside its current development area.

#4- OSOCO's ambitious drilling plans: Offshore Shukeir Oil Company (OSOCO) plans to drill four exploratory wells over the next three fiscal years, expecting to raise its average production to 8.5k bpd by the end of fiscal year 2026-27.

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