Egypt’s petroleum ministry announced Tuesday, a new oil discovery in the Geisum and Tawila West Concession in the Gulf of Suez.
The discovery was made by Egypt’s Cheiron through exploration well GNN-11, currently producing more than 2,500 barrels per day, the ministry said.
As part of the current phase of exploration, while the well is the fourth to be completed, another three wells could be drilled.
The ministry further explained that the entire output from the field, located in North Geisum has reached about 23,000 barrels per day.
The Gulf of Suez is regarded as one of the most productive areas along the Egyptian red sea coast since it produces more than 64 percent of all red sea fish. In January, the country made a new gas discovery in an offshore field in the Eastern Mediterranean Sea.