Eng.Karim Badawi , Minister of Petroleum and Mineral Resources, witnessed the signing of a new contract between GUPCO – Gulf of Suez Petroleum and SLB to implement a seismic survey project using OBN technology in GUPCO’s concession areas in the central and southern Gulf of Suez, with work set to begin next month. This aims at employing the latest technologies in detecting promising petroleum opportunities, reducing exploration risks, and stimulating the investments needed to increase domestic production.

The project covers an area of 1,035 km² and is the largest of its kind using OBN technology in the region, building on efforts to develop exploration activities in the Gulf of Suez, in cooperation between EGPC , and Dragon Oil, the investment partner in GUPCO.

The contract was signed by Eng. Abdel Wahab El Meghawry, Chairman of GUPCO; Geophysicist Tarek Gaber , General Manager and Managing Director of the company representing Dragon Oil; and Eng. Yasser El Tawansy Managing Director for Egypt, Sudan, and the Eastern Mediterranean at SLB, in the presence of Eng. Salah Abdel Karim, CEO of the Egyptian General Petroleum Corporation (EGPC); Dr. Mohamed Radwan Vice Chairman of the South Valley Egyptian Petroleum Holding Company (Ganope) for Agreements and Exploration and Director of EUG; and Geologist Ahmed Kamal, EGPC Deputy CEO for Exploration.

He Minister Highlighted that Dragon Oil’s employment of modern technology and its injection of investments in its areas of operation contributed to raising GUPCO’s field production to its highest levels since 2019, reflecting the importance of combining the modernization of geological data with the intensification of investment activities to improve exploration results and maximize the benefit from existing production assets.

The Minister pointed out that the Ministry’s strategy is not limited to the Gulf of Suez but extends to implementing seismic survey projects in new areas of Egypt, with the aim of expanding the scope of oil and gas exploration.