Cairo — Mubasher: The Gulf of Suez Petroleum Company’s (Gupco) budget for fiscal year 2019/2020 targets investments worth around $503 million, the firm’s chairman said on Thursday.

These investments involve the implementation of two exploratory projects in collaboration with the state-run Egyptian General Petroleum Corporation (EGPC) and the UK-based geophysical services company Description WesternGeco to conduct an initial seismic survey for the Gulf of Suez’s central region to decide on forging ahead with seismic studies, Khalid Hamdan said in a statement.

The second project entails reprocessing seismic data of West of Morgan in a bid to define exploratory opportunities and ramp up production, he added.

The statement came on the sidelines of the general assembly of Gupco and the Pharaonic Petroleum Company (PhPC) presided over by petroleum minister Tarek El-Molla to endorse the 2019/2020 budget.

Over the previous two months, Gupco maintained its production at 5,064 barrels per day (bpd) after completing maintenance activities at three wells, Hamdan added.