Cairo – Mubasher: Suez Oil Co (SUCO) is looking to pump investments worth $398 million in fiscal years 2018/2019 and 2019/2020, the company’s chairman said on Sunday.
The company is planning investments worth $192 million for FY18/19 and investments worth $206 million for the next fiscal year, Adel Fahmy added in a statement to the Egyptian petroleum ministry.
SUCO’s crude oil and natural gas production amounts to around 23,500 barrels per day (bpd) from four fields in the Gulf of Suez and the Delta Region, Fahmy added, highlighting that the fields are Desouq, Ras Budran, Gabal El Zeit, and Ras Fanar.
He noted that the company is working on boosting the total output of the four fields to 38,000 bpd by drilling new wells and developing a number of existing wells, in addition to upgrading the infrastructure and production facilities.
Desouq filed is currently being developed with 12 new wells to step up its production to 140 million cubic feet of gas per day by the end of 2020, he said.
This came on the sidelines of a tour by Egyptian petroleum minister Tarek El-Molla in Gabal El Zeit area in the Gulf of Suez.
