Gulf of Suez focused firm Gupco says it is planning on spending $562mn to produce 70,000 b/d of oil from its mature fields in the region for the 2021-22 financial year which starts on 1 July. Gupco produced 57,000 b/d for 2019-20, down from 61,700 b/d for 2018-19, though more recently it has averaged above 60,000 b/d as well as 85mn cfd of gas, MEES understands.
The original 2020-21 plan, set out in February 2020, was to spend $543mn with the aim of raising output to 77,000 b/d by the end of the current year in June. But that was before the oil price collapse. (CONTINUED - 228 WORDS)