Gulf of Suez Petroleum Company (GUPCO) aims to increase investments to Ras Shukeir oil fields to $503 million in fiscal year 2019/2020 from $391 million in FY18/19, Akhbar El-Yom reported.

Total investments are planned to reach $1.2 billion in FY19/20 and FY20/21, GUPCO’s chairman Khalid Hemdan said.

A total of 13 new wells will be drilled as well as 12 wells will be repaired, Hemdan noted.

In FY18/19, production in Ras Shukeir oil field stood at around 61,700 barrels of crude oil per day, with plans to reach 73,000 in FY19/20, he added.

-Mubasher