New petroleum discovery in Gulf of Suez: Ministry

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Thu, 18 Jun 2020 - 10:31 GMT

FILE- Petroleum investment in Egypt around $39 B

FILE- Petroleum investment in Egypt around $39 B

CAIRO - 18 June 2020: The Ministry of Petroleum announced a new petroleum discovery in the concession area "Geisum" in the shallow water in the south of the Gulf of Suez with an initial production rate estimated at 2000 barrels of crude oil daily.

In a statement on Thursday, the ministry said that the new discovery comes within the framework of the strategy of the petroleum sector to increase the production rates of crude oil.

The discovery was made by PetroGulf Misr Oil Company, Byco Petroleum and KUFPEC Egypt Limited.

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