The project's total investments, including drilling wells, establishing production facilitation platforms, and extending offshore pipelines, are valued at around $226 million, according to a statement by the Ministry of Petroleum and Mineral Resources on Thursday, citing GUPCO Chairman and Managing Director Salah El-Din Abdel-Karim.

Minister of Petroleum and Mineral Resources Karim Badawi has visited the production facilitation platform of the North Safa marine field in the Gulf of Suez's Northeast Ramadan concession area, which belongs to GUPCO and the Emirati company Dragon.

Badawi affirmed the importance of field visits to production facilities and front-line workers who execute the projects to increase production rates.

Moreover, he stated that following safety procedures and conserving the environment are basic foundations of working in the petroleum sector.

He also encouraged workers to regularly review the latest technologies to improve operational efficiency and increase production rates.

In July, Egypt announced its plan to invest $1.2 billion in drilling 110 exploratory gas and oil wells during FY2024/2025 and $7.2 billion in drilling 586 wells by 2030.

This will be executed by a consortium of Egyptian companies including ENPI, Petrojet, and Petroleum Marine Services Co. (PMS).