Egypt announces new oil discovery in Gulf of Suez

DUBAI: Egypt’s petroleum ministry on Tuesday announced a new oil discovery in the Geisum and Tawila West Concession in the Gulf of Suez.

The new discovery was made by Egypt’s Cheiron through exploration well GNN-11, currently producing more than 2,500 barrels a day, the ministry said.

The well is the fourth to be completed and another three wells could be drilled as part of the current phase of exploration, the ministry said.

Total output from the field, located in North Geisum, has reached about 23,000 barrels per day, the ministry added.