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Egypt Announces New Oil Discovery in Gulf of Suez

August 23, 2023

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…

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