GUPCO: BP invests $777 million this year in the Gulf of Suez
- Average daily production 85,000 barrels of crude and condensates, planned to reach 90,000 barrels per day during 2016.
- A new strategy to cut spending by $483 million.
- Current total reserves are 10.6 million barrels of crude and 94 billion cubic feet of gas.
BP’s investment budget for exploration, development and production in the Gulf of Suez during the current and past fiscal years amounted to $1.5 billion, according to Eng. Abed Ezz El Regal, Chairman of GUPCO (a BP Joint Venture). Eng. Ezz El Regal said that the investment budget for current fiscal year is $777 million, while the budget for the past fiscal year was $717 million.
Eng. Ezz El Regal added that while last year’s planned investment budget was $1.2 billion, the company was able to reduce spending to $717 million and achieving 103% of its production plan.
(Source: Al Mal News)