Just in!! Egypt announces new oil discovery

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Egypt

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

Indications have shown that the new discovery, referred to as GNN-4, contains approximately 70 million barrels of extractable crude oil, the Egyptian Ministry of Petroleum said in a statement.

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

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

At the beginning of June, Egypt revealed a new oil discovery made by Borg Al Arab Petroleum Company at the Abu Sennan concession in the Western Desert, with a projected daily production rate of 4.100 barrels of crude oil and 18 million cubic feet of natural gas.

Likewise, at the end of 2019 , the company reported the acquisition in ASH-2 of the oil-rich Abu Sennan field, with an average production rate of 7,000 barrels of crude oil and 10 million cubic feet of natural gas per day.

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Egypt witnessed a 7-percent increase in oil and gas production in 2019 by producing some 650,000 barrels of crude oil and 7.2 billion cubic feet of natural gas per day, according to a former statement by the Egyptian oil minister.

Egypt ‘s largest offshore Zohr gas field in the Mediterranean Sea, discovered by Italy ‘s giant Eni in 2015, is making a major contribution to the country ‘s output of natural gas as it alone generates around 2.7 billion cubic feet a day.

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