Egypt Announces New Oil Discovery in the Gulf of Suez
Exploration and production company Petrogulf Misr and the Egyptian Ministry ofPetroleum recently announced the discovery of a deposit of approximately 70 million barrels of crude oil in the shallow waters of the Geisum concession, south of the Gulf of Suez.
The initial production rate of the new discovery is estimated at 2,000 barrels of oil per day. Exploration activities leading to the discovery were carried out by Petrogulf Misr, a joint venture between the Egyptian General Petroleum Corporation, the Pico GOS Petroleum Company, and the Egyptian subsidiary of the Kuwait Foreign Petroleum Exploration Company.
According to the ministry, the discovery suggests that there is progress in the existing fields, and that there is more potential petroleum that has not yet been found, and new technology and innovative geological studies will lead to achieving this goal.
The concession is supervised by the South Valley Egyptian Petroleum Holding Company. This falls within the scope of the petroleum sector’s plan to raise crude oil output levels and to cope with the trend of natural depletion in old wells and fields through extensive work programs for research, exploration, drilling, and well development.