Business
Egypt announces 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.
The new discovery was made by Egypt’s Cheiron through exploration well GNN-11, currently producing more than 2,500 barrels a day, the ministry said.
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.
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Total output from the field, located in North Geisum, has reached about 23,000 barrels per day, the ministry added.
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