Egypt announces new oil discovery at Gulf of Suez

SANAA, June 18 (YPA) – The Egyptian Ministry of Petroleum and Mineral Resources announced on Thursday a new oil discovery in the shallow waters of Geisum concession south of the Gulf of Suez, with an initial production rate of 2,000 barrels of crude oil per day.

In a statement, the Ministry said: “Indications showed that the new discovery, referred to as GNN-4, contains about 70 million barrels of extractable crude oil.”

Egyptian media said that the petroleum discovery comes within the framework of the petroleum sector strategy to increase production rates of crude oil and to confront the phenomenon of natural diminishing of wells and old fields, through intensive work programs for research, exploration, drilling and development of wells.