Cairo, The Gulf of Suez Petroleum Company (GUPCO) is planning to drill five new wells in North Safa and Al Wasl oil fields in the Gulf of Suez to develop oil reserves that exceed 100 million barrels and increase oil production to 15,000 barrels per day in the second half of next year. The Petroleum and Mineral Resources Ministry said 226 million dollars worth of investments were pumped into the development project that is carried out by a consortium of Egyptian companies that includes Enppi, Petrojet, and Offshore Petroleum Services, according to the Middle Eastern News Agency (MENA). The development plans include drilling wells, setting up a production station and extending pipelines. Source: Bahrain News Agency
Related Articles
Tender Results of Government Treasury Bills Worth RO 35 Million Issued
The total issuance of Government Treasury Bills amounted RO 35 million this week.
The value of the allotted Treasury bills amounted to RO 30.63 million, for a maturity period of 91 days. The average accepted price reached RO 98.763 for every RO 100, …
China’s Fiscal Revenue Down 2.8% in H1 2024
China’s fiscal revenues fell 2.8 percent year on year to 11.59 trillion yuan (about USD1.62 trillion) in the first half of 2024 (H1), according to data released by the Ministry of Finance.
However, after accounting for the impacts of a higher base du…
Oman Oil Price Gains 28 Cents
Oman: Oman oil price for February delivery 2026 today reached 62.57 US Dollars, marking an increase of 28 cents compared to yesterday’s price, which was 62.29 US Dollars.
According to Oman News Agency, the average price of Oman oil for December deli…