Gulf of Suez Petroleum Co. (GUPCO) announced its success in breaking the company’s all time production record, by increasing its levels to 84,000 b/d of oil and 2,300 b/d of condensates. In addition the company also generates around 650 tons of butane per day, reported Egypt Oil & Gas.
The company’s current production rates present 102% of its 2015 plan, a 14 mmbbl increase than planned.
The company had successfully drilled 10 new wells, placing them on production at roughly 15,000 b/d of oil. 14 wells were also repaired using a multiple drilling rigs resulting in total production of about 8,000 b/d of oil. 13 artificial lift gas compressors were also completely re-install and operated, allowing many stalled wells to be opened.
The company had also repaired many stalled stations that had been inoperative for a long time along with the restarting of 16 offshore platforms and with that reopening 66 wells, allowing for the restoration of about 22,000 b/d of oil. 9 pipelines were also repaired, 8 pipes were reoriented while the quantity of water injected reached 160,000 barrels of water per day.
It is worth noting that the company is planning, over the next few days, to up production rates to break the 90,000 b/d of oil barrier through a series of development projects, maximizing economic returns on the company’s assets, with about 10 new wells to be drilled during 2016.