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Egypt Announces New Oil Discovery in Gulf of Suez

August 23, 2023
Image Credit: Egyptian Natural Gas Holding Company

Egypt-based Cheiron Petroleum Corporation announced a new oil discovery within the Geisum and Tawila West Concession located in the Gulf of Suez, as detailed in a social media statement posted by the Ministry of Petroleum and Mineral Resources on 22 August.

“The discovery was made through the exploratory well, GNN-11, located north of Geisum North. The well encountered 165 feet of net oil-bearing reservoirs in high-quality Nubia Formation,” read the Ministry’s statement.

The Nubia Formation, a geological unit composed of sedimentary rocks that occurred 5 to 23 million years ago, is known for containing significant reserves of oil and natural gas. The formation is particularly prominent in parts of northern Africa, including Egypt and Sudan,

Cheiron also confirmed their findings in a separate press statement.

The recent discovery was achieved through the GNN-11 exploratory well, with the potential for three more wells to be drilled within the same area.

The total crude oil output from the Geisum and Tawila West Concession has increased to approximately 23,000 barrels per day, the Ministry’s statement details, with GNN-11 alone contributing 2,500.

According to Egypt’s Minister of Petroleum of Mineral Resources, Tarek El-Molla, petroleum and natural gas make up around 93 percent of the nation’s energy resources and cover approximately 75 percent of domestic consumption.

Egypt’s petroleum exports declined to USD 11.7 billion (EGP 361.5 billion) during the first nine months of FY 2022/23. Imports increased to USD 10 billion (EGP EGP 308.9 billion).

Egypt’s latest oil breakthrough comes only eight days after Texas-based IPR Energy Group announced a ‘major find‘ in Egypt’s Alamein region, and seven months after a major natural gas discovery in Egypt’s Eastern Mediterranean Area by Italian company Eni and US energy giant Chevron.

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