Ministry of Petroleum announced a petroleum discovery in the offshore Geisum concession in the south of the Gulf of Suez with shallow waters. The Ministry clarified that the new discovery comes with an initial production rate of 2,000 barrels per day of crude oil, and it is estimated that there are about 70 million barrels of recoverable crude oil. According to the Ministry, the discovery was made by Petrogulf – Egypt, the operations operator on behalf of the Petroleum Authority, Pico Company Limited and KUFPEC Egypt. The South Valley Egyptian Petroleum Holding Company is technically supervising the Petroleum Concession. This comes within the framework of the petroleum sector strategy to increase production rates of crude oil, and to face the phenomenon of natural diminishing of old wells and fields, through extensive work programs for research, exploration, drilling, and well development. These positive results indicate the success of research and exploration in the current fields, that there are more petroleum wealth and resources that have not yet been discovered, and that modern technologies and advanced geological theories contribute to achieving this vision, according to the Ministry.
