Egypt announces new oil discovery at Gulf of Suez

The Egyptian Ministry of Petroleum and Mineral Resources announced, on Thursday, new oil discovery in the shallow waters of Geisum concession south of the Gulf of Suez, with an initial production rate of 2,000 barrels of crude oil per day.

Indications showed that the new discovery, referred to as GNN-4, contains about 70 million barrels of extractable crude oil, the Egyptian Oil Ministry said in a statement.

The discovery was made by Petrogulf Misr joint company, on behalf of Egyptian General Petroleum Corporation (EGPC), Pico GOS Petroleum Company Limited and the Egyptian unit of Kuwait Foreign Petroleum Exploration Company (KUFPEC), the ministry said.

The concession is technically supervised by Ganoub El Wadi Petroleum Holding Co., according to the statement.

In early June, Egypt announced a new oil discovery made by Borg Al Arab Petroleum Company at Abu Sennan concession in the Western Desert, with a planned daily production rate of 4,100 barrels of crude oil and 18 million cubic feet of natural gas.

Similarly in late 2019, the company announced a petroleum discovery in ASH-2 area of the oil rich Abu Sennan, with an average production rate of 7,000 barrels of crude oil and 10 million cubic feet of natural gas per day.