GUPCO was formed on July 31, 1965 after the discovery of EL-Morgan offshore oil field. GUPCO mission as defined by the concession agreement is to carry out all oil and gas exploration, Development and production operations in Egypt as a non profit Egyptian Operating Company, and as an agent whose activities add value to the principle shareholders; the Egyptian General Petroleum Corporation (EGPC) and Amoco-Egypt Oil. Amoco started operating in the Gulf of Suez (GOS) in1964 before establishing GUPCO. On Jan. 1999 merging occurred between Amoco and British Petroleum Company producing one Company named BP Amoco. On 2000, BP Amoco name changed to be "bp". GUPCO-GOS cumulative oil production reached 5.5 Billion BBLS of oil in Dec. 2002