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Egypt announces new oil discovery in Gulf of Suez

The Cheiron company announced a new oil discovery in the Geisum and Tawila West concession area in the Gulf of Suez, the Ministry of Petroleum announced.

Operations in the field are managed by the joint venture company PetroGulf Egypt, on behalf of the Egyptian General Petroleum Corporation with 50 percent shares alongside partners PICO Cheiron and KUFPEC, who share the other half.

The discovery was made through the exploration well GNN-11.

The well encountered 165 feet of net high-quality vertical strata in the Nubian Sandstone, dating back to the pre-Miocene era.

This is the first time that Nubian crude oil-bearing sandstone has been found in the region, the ministry said.

The total crude oil production of the North Geisum field is around 23,000 barrels per day, compared to around 4,000 barrels per day before the development of the North Geisum field.

This is the fourth well to be completed through the current phase of exploration, the statement said, pointing out that three more wells can be drilled through early this phase.

Cheiron and KUFPEC also plan to drill more exploratory wells in the concession area and expand development activity of the North Geisum field.

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