It is located north of Safa in the Gulf of Suez, specifically in the concession area northeast of Ramadan within the Gulf of Suez, an area known for its richness in oil and gas resources. The strategic location of the field also allows easy access to the existing infrastructure, facilitating production and export operations.
The field is managed by the Gulf of Suez Petroleum Company (GUPCO) in cooperation with the UAE’s Dragon Oil Company. This international cooperation reflects confidence in the Egyptian petroleum sector and enhances foreign investment opportunities in the country.
Gupco and Dragon Oil are planning to drill five new development wells in the North Safa and Al Wasl fields. These plans also aim to increase petroleum reserves by more than 100 million barrels and raise daily production to 15 thousand barrels during the second half of next year.
The total investments allocated to the development project in the North Safa and Al Wasl fields amount to approximately $226 million. These investments include well drilling, establishing a production facilities platform, and laying marine pipelines, which were implemented in cooperation with a coalition of Egyptian companies, which supports the local economy and provides new job opportunities. .
Dragon Oil Company announced the start of crude oil production from the “North Safa” field. This event represents the company’s first oil discovery in Egypt and an important step in its expansion path in the Egyptian market.
The Al Wasl field, “North Safa”, which was discovered in 2021, is the largest oil discovery in the Gulf of Suez region during the past two decades, and the oil reserve in the field is estimated at more than 100 million barrels, which enhances Egypt’s position on the global energy map.
The Al Wasl field development project includes establishing a new offshore production platform, extending a production line, and ensuring the supply of electricity to operate production pumps. In addition, the plan includes water injection operations to maintain high production rates and make the most of the available oil reserves.
This project reflects Dragon Oil’s commitment to supporting the Egyptian economy and continuing its contribution to the path of growth and expansion in the local market. The company also seeks to increase exploration and expansion activities in multiple regions to develop oil fields and increase oil production in the Gulf of Suez.
Source: Egyptian newspaper Al-Dustour
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