Cairo:Minister of Petroleum and Mineral Resources Karim Badawi has announced a new seismic survey in the Gulf of Suez aimed at maximizing production by utilizing modern technologies. Despite the region's long production history, Badawi emphasized its continuing potential.
According to State Information Service Egypt, Badawi made these remarks during the signing of a contract between Gulf of Suez Petroleum Company (GUPCO) and SLB. The contract outlines plans for an Ocean Bottom Node (OBN) seismic survey across GUPCO's concessions in the central and southern Gulf of Suez starting this November. The survey is intended to reduce exploration risk and boost domestic production.
The project, covering 1,035 square kilometers, is the largest OBN survey in the region. It continues ongoing exploration efforts by the Egyptian General Petroleum Corporation (EGPC) and UAE's Dragon Oil, an investment partner of GUPCO. Badawi highlighted the importance of advanced technology in enhancing geological imaging, increasing exploratory well success rates, and attracting foreign investment.
Badawi also noted that the initiative builds on a previous seismic phase that yielded significant results, helping to access additional resources to support domestic supply. He mentioned that Dragon Oil's investments have already elevated GUPCO's field production to its highest level since 2019.
The minister further explained that the ministry's strategy includes expanding seismic projects beyond the Gulf of Suez to untapped regions across Egypt. Current survey efforts in the southern Western Desert cover over 100,000 square kilometers, with preparations underway for a new 110,000 square kilometer survey in the western Western Desert.
In the Eastern Mediterranean, EGPC's natural gas arm, EGAS, along with SLB and Viridien, are completing an 18,000 square kilometer initial phase toward a 95,000 square kilometer target to explore new natural gas prospects.
GUPCO Chairman Abdel Wahab El-Maghawry reported a significant improvement in exploration efficiency, with a drilling success rate of 80% across five exploratory wells between 2022 and 2026, up from 25% during 2017-2022. This success, he explained, demonstrates how modern technology can optimize capital allocation and drive new discoveries.
The contract was signed by El-Maghawry, Dragon Oil representative Tarek Jaber, and SLB Egypt, Sudan, and East Mediterranean General Manager Yasser El-Tawansi. The signing was attended by EGPC CEO Salah Abdel Karim and EGPC Exploration Vice President Ahmed Kamal.