Egypt-UAE venture investing $516m to boost oil output

A joint Egyptian-Emirati venture plans to invest nearly $516 million during 2026-27 to increase its crude production by nearly 15 percent.

Gulf of Suez Petroleum Company (Gupco) has gradually boosted oil output over the past few years to peak at about 65,000 barrels per day at the end of 2025.

Investment plans for this year aim to raise the company’s output to 75,000 bpd, above its previously announced target of 70,000 bpd.

Gupco chairman Abdul Wahab El-Maghawry said the company’s plan for fiscal 2026-27, which begins on July 1, includes drilling exploratory and development wells to boost crude output from around 65,000 bpd to 75,000 bpd at the end of the term, according to comments published by the Egyptian cabinet’s website.

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Gupco is an oil and gas explorer and producer established in 1965. It is a joint venture between the Egyptian General Petroleum Corporation (EGPC) and Dubai-based Dragon Oil, which acquired British Petroleum’s stake in 2020.

The company, which focuses on offshore production in the Gulf of Suez, early last year announced a new oil discovery in the East Crystal-1 exploration well there with initial testing showing more than 2,000 bpd.

Gupco also said in January 2025 it was drilling five developmental wells in the North Safa and Al-Wasl fields, investing roughly $226 million to boost production.