Egypt announces new petroleum discovery in Gulf of Suez

CAIRO - 22 August 2023: Cairo-Based Cheiron Company announced Tuesday a new petroleum discovery in the Geisum-Tawila West concession area in the Gulf of Suez, according to the Ministry of Petroleum.

 

The operations in the field are managed by PetroGulf Egypt Joint Operating Company on behalf of the Egyptian General Petroleum Corporation with a 50 percent share, and partners: Cheiron-BECO and Cove Energy with a 50 percent share.

 

The discovery was made through the exploratory well North Geisum (GNN-11), encountering 165 feet of net pay in high-quality Upper Nubia Formation of pre-Miocene age, marking the first-ever occurrence of oil-bearing Upper Nubia Formation in the concession area. 

 

The well was drilled using Early Production Facilities recently installed in the North Geisum area, and the well has been successfully put on production at a rate exceeding 2,500 barrels per day.

 

As a result of the new well and the successful drilling program executed so far in the field, the total crude oil production has reached about 23,000 barrels per day, compared to around 4,000 barrels per day before the development of the North Geisum area.

 

This well is the fourth well to be completed using Early Production Facilities. It's worth mentioning that three more wells can be drilled using these facilities, which will be used to continue the current exploration drilling phase and the development of the concession area.

 

Additionally, Cheiron and Cove Energy plan to drill additional exploratory wells in the concession area and expand their development activity in the North Geisum (GNN) field."