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Geologist Khaled Hamdan, chairperson of GUPCO, said during his meeting with the Minister of Petroleum and Mineral Resources, Tarek El-Molla, that an ambitious work plan is being implemented to expand the activities of oil and gas research and development in Ras Shuqair area in the Gulf of Suez, which also include developing the quality of infrastructure and production facilities in the region.
A GUPCO official has recently stated to Egypt Oil&Gas journal that the company had allocated $538m for this fiscal year to fund the drilling a number of wells and renovate ageing infrastructure, including construction of new pipelines and maintenance of several existing wells, in addition to rehabilitating the main production plant in Morgan Field.
It owes foreign energy firms including Gupco -- a joint venture between BP and Egyptian General Petroleum Corporation -- at least $6 billion while fuel subsidies, which account for more than a fifth of state spending, have long been a drag on the budget.
GUPCO says the Abu al-Gharadiq Basin might contain 45 TCF of gas, including 25 TCF in the Cretaceous.
Gupco is a joint venture of BP and the Egyptian General Petroleum Company.
BP earlier submitted a request for the Ministry of Petroleum in May to receive its approval to sell the company's stake in GUPCO to Dragon Oil Company.
The final approval of the deal will take place after Dragon Oil confirms adherence to the deals signed by BP in the concessions of GUPCO, a source at the ministry of petroleum told Daily News Egypt.
During a meeting of the general assembly of the Gulf of Suez Petroleum Company (GUPCO) and Pharaonic Petroleum Company Monday to approve the outcome of fiscal year 2017/2018 plan, he said the seismic survey project being carried out in the region as part of the development of oil sector would increase the chances of prospecting for oil and gas in the Gulf of Suez.
The WND is BP's first offshore-operated project in Egypt outside GUPCO. The agreement to develop resources in this area covers five fields in the North Alexandria and West Mediterranean Deep Water concessions.
The Suez Blend comes from declining offshore fields in the Gulf of Suez, operated by The Gulf of Suez Petroleum (Gupco), a JV between BP and EGPC, according to the Energy Intelligence Group.
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