Egypt New Oil Discovery, Hope To Egyptians

The Egyptian Ministry of Petroleum and Mineral Resources announced a new oil discovery in the shallow waters of Geisum concession.

The Egyptian Ministry of Petroleum and Mineral Resources has on Thursday announced 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.

The discovery and pronouncement were made in a statement by the country’s Oil Ministry with indications that showed that the new discovery, referred to as GNN-4, contains about 70 million barrels of extractable crude oil.

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

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

In early June, Egypt announced a new oil discovery made by Borg Al Arab Petroleum Company at Abu Sennan concession in the Western Desert, with a planned daily production rate of 4,100 barrels of crude oil and 18 million cubic feet of natural gas.

Similarly, in late 2019, the company announced a petroleum discovery in ASH-2 area of the oil rich Abu Sennan, with an average production rate of 7,000 barrels of crude oil and 10 million cubic feet of natural gas per day.

Egypt witnessed a 7-per cent 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 Zohr offshore gas field in the Mediterranean Sea, which was discovered by Italy’s giant Eni in 2015, greatly contributes to the country’s natural gas production as it produces alone about 2.7 billion cubic feet on a daily basis