Egypt announces new oil discovery in Gulf of Suez

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Egypt’s Ministry of Petroleum announced on Tuesday a new oil discovery in the Geisum and Tawila West concession in the Gulf of the Suez.

The discovery was made by Cheiron, Egypt’s leading crude explorer and producer, through exploration well GNN-11 in the concession’s North Geisum field.

The Ministry of Petroleum said in a statement that the well currently produces more than 2,500 barrels of oil per day.

The North Geisum, South Geisum, Northeast Geisum and Tawila West fields are all included in the Geisum and Tawila West Concession, which is situated in the Gulf of Suez’s southern entrance, it said

Thanks to the successful drilling programme in the well, the total output of the North Geisum field is 23,000 barrels per day, the ministry added.

The well is the fourth to be completed and another three wells could be drilled as part of the current phase of exploration, it noted.

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