New Oil Reserve Unearthed in Egypt's Gulf of Suez

The Egyptian Ministry overseeing Petroleum and Mineral Resources has recently unveiled a significant development in the shallow waters of the Geisum concession located to the south of the Gulf of Suez. This discovery, termed GNN-4, has initially demonstrated an impressive crude oil production rate of 2,000 barrels per day. Presenting a remarkable figure, the estimations propose that the newly found reserve contains a substantial volume of approximately 70 million barrels of extractable crude oil, as confirmed by an official statement from the Egyptian Oil Ministry.

The exploration endeavors leading to this noteworthy discovery were successfully undertaken by the collaborative efforts of Petrogulf Misr, a joint enterprise representing the Egyptian General Petroleum Corporation (EGPC), Pico GOS Petroleum Company Limited, and the Egyptian division of Kuwait Foreign Petroleum Exploration Company (KUFPEC). Acting as a technical overseer of the concession, Ganoub El Wadi Petroleum Holding Co. has been fulfilling its supervisory role effectively.

This revelation follows another recent achievement in the oil sector, when Borg Al Arab Petroleum Company announced a successful oil discovery within the Abu Sennan concession, situated in the Western Desert. The prospect holds a promising projection of a daily production rate reaching 4,100 barrels of crude oil and an additional output of 18 million cubic feet of natural gas.

Equally significant, a reminiscent discovery had been made in the ASH-2 area of the oil-rich Abu Sennan back in late 2019. This area contributed to a daily average production of 7,000 barrels of crude oil alongside 10 million cubic feet of natural gas, effectively underscoring the country's growing prowess in the energy sector.

The collective achievements in the Egyptian energy landscape have culminated in a commendable seven percent upsurge in oil and gas production throughout 2019. This achievement translated into the daily production of around 650,000 barrels of crude oil and an impressive 7.2 billion cubic feet of natural gas, as emphasized in a previous statement made by the Egyptian Oil Minister.

Notably, the illustrious Zohr offshore gas field, located within the expansive Mediterranean Sea, stands as a testament to Egypt's strategic energy advancement. This pivotal asset, initially uncovered by Italy's esteemed Eni in 2015, continues to be a cornerstone of the nation's natural gas output. Presently, the Zohr field boasts an exceptional daily production figure of approximately 2.7 billion cubic feet, further solidifying Egypt's position as a key player in the global energy arena.