{"id":635223,"date":"2024-07-28T00:00:00","date_gmt":"2024-07-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/28\/major-investments-to-boost-oil-production\/"},"modified":"2024-07-28T00:00:00","modified_gmt":"2024-07-28T00:00:00","slug":"major-investments-to-boost-oil-production","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/28\/major-investments-to-boost-oil-production\/","title":{"rendered":"Major investments to boost oil production"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>A whole lot of oil investments:<\/strong> Four companies have plans to pump mns of USD into oil production through well-drilling and well-rehabilitation, according to an Oil Ministry <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptMOP\/posts\/pfbid02kUd1bg2eADb4scMyTXj8Fk5zCPv3JPXmzafpKzWJ4XB3EdFts7kEbBfRqXHd8xqel\" style=\"\" rel=\"noopener\">statement<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong style=\"background-color: transparent;\">#1- GUPCO to dig up oil from Safa and Al Wasl fields:<\/strong><span style=\"background-color: transparent;\"> 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 <\/span><a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptMOP\/posts\/pfbid02UDGJw2dQuME7DpjiL6F827U3fVU7dCiTkobaM8QsCGCzJptNPqjU5NgsHRqMHhuZl\" rel=\"noopener\">statement<\/a><span style=\"background-color: transparent;\">. The company plans to up its daily production to 15k barrels a day during the second half of 2025.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Belayim Petroleum Company (Petrobel) <\/strong>plans to drill two new wells in the South Feiran and A-8 areas \u2014 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.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Suez Oil Company's expansion:<\/strong> 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.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- OSOCO's ambitious drilling plans:<\/strong> 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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>GUPCO plans to invest some USD 226 mn to drill five development wells<\/p>\n","protected":false},"author":1,"featured_media":635224,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7207],"tags":[93,72,8257,91,371],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-635223","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-energy","tag-enterpriseam","tag-gupco","tag-oil-and-gas","tag-oil-ministry","wpautop","entry"],"acf":{"mongo_id":"c679a1cf-2a2c-4a01-be9a-bc30e078da2e","order":"10","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/2134.jpg","photo_position":"above","homepage_title":"","full_issue_title":"A slew of investments aimed at ramping up oil production","related_issue":[635206],"teaser":"GUPCO plans to invest some USD 226 mn to drill five development wells","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.be8c8a61-9d2c-4601-aef1-6d980f49f1b0.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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This includes a USD 503 mn investment in Ras Shukeir, where the company plans to drill 13 new wells. Gupco was initially\u2026","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":598429,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/26\/bp-close-to-selling-gupco-stake-to-dragon-oil-for-usd-600-mn\/","url_meta":{"origin":635223,"position":1},"title":"BP close to selling GUPCO stake to Dragon Oil for USD 600 mn","author":"enterpriseam admin","date":"26 May 2019","format":false,"excerpt":"M&A WATCH- BP is close to selling its stake in Gulf of Suez Petroleum Company (GUPCO) to Dubai-based Emirates National Oil Company (ENOC) subsidiary Dragon Oil for USD 600 mn, industry and banking sources said, according to Reuters. The move received initial approval from the Oil Ministry. The sources gave\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":598784,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/09\/dragon-oil-agrees-to-acquire-bps-gupco-assets\/","url_meta":{"origin":635223,"position":2},"title":"Dragon Oil agrees to acquire BP\u2019s GUPCO assets","author":"enterpriseam admin","date":"9 June 2019","format":false,"excerpt":"M&A WATCH- Dragon Oil agrees to acquire BP\u2019s Gulf of Suez assets: BP reached an agreement to divest its interests in Gulf of Suez oil concessions in Egypt to Emirates National Oil Company\u2019s (ENOC) subsidiary Dragon Oil, BP said in a statement. Under the terms of the agreement, which is\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/1\/2424.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594179,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/22\/uaes-dragon-oil-to-invest-egp-1-bn-in-newly-acquired-gulf-of-suez-assets\/","url_meta":{"origin":635223,"position":3},"title":"UAE\u2019s Dragon Oil to invest EGP 1 bn in newly acquired Gulf of Suez assets","author":"enterpriseam admin","date":"22 October 2019","format":false,"excerpt":"INVESTMENT WATCH- UAE\u2019s Dragon Oil to invest EGP 1 bn in newly acquired Gulf of Suez assets: Emirates National Oil Company\u2019s (ENOC) subsidiary Dragon Oil is planning to invest up to EGP 1 bn over the next five years after acquiring BP\u2019s stake in Egypt\u2019s Gulf of Suez oil concessions,\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":612877,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/03\/eib-eu-extend-eur-165-mn-to-green-our-industrial-sector-plus-jinbeis-buys-brilliance-stake-gupco-data-centers-steel-price-rises-sugar-tenders\/","url_meta":{"origin":635223,"position":4},"title":"EIB, EU extend EUR 165 mn to green our industrial sector. 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