Egypt Announces New Oil Discovery
June 18, 2020
4:15 pm
The Egyptian Ministry of Petroleum and Mineral Resources announced on Thursday that it has discovered a new oil site at the Gulf of Suez.
Petrogulf Misr joint company discovered the new site 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.
It is estimated to initially produce 2,000 barrels of crude per day in the shallow waters of Geisum concession south of the Gulf of Suez.
Indications showed that the discovery, referred to as GNN-4, contains about 70 million barrels of extractable …
