KEYFACT Energy
The Egyptian Ministry of Petroleum and Mineral Resources has 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 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).
According to a statement from the Egyptian Oil Ministry, the GNN-4 discovery contains about 70 million barrels of extractable crude oil.
The concession is technically supervised by Ganoub El Wadi Petroleum Holding Co.
KeyFacts Energy: KUFPEC Egypt country profile