Egypt makes a new oil discovery in Gulf of Suez

Egypt’s petroleum ministry on Tuesday announced a new oil discovery in the Geisum and Tawila West Concession in the Gulf of Suez.

According to the ministry, the output of crude oil in the Geisum and Tawila West Concession has risen to about 23,000 barrels per day (bpd), while GNN-11 is now producing 2,500 bpd.

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

This area acts as a central point for production and storage for Cheiron, an independent oil exploration and production business in Egypt. It houses a total of 87 wells, six offshore platforms, five production pipelines, and an onshore storage facility. Currently, the concession yields an average of 4,900 bpd.

Petroleum and natural gas account for around 93% of Egypt’s energy resources and cover about 75% of domestic consumption, according to the Egyptian Minister of Petroleum Tarek El-Molla.

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