Egypt’s Ministry of Petroleum and Mineral Resources has reported a new oil discovery in the Gulf of Suez.
The discovery was made by the Gulf of Suez Petroleum Co., a joint venture between Egyptian General Petroleum Corp. (EGPC) and United Arab Emirates-based Dragon Oil.
The additional output is set to be added to Egypt’s production figures in the upcoming days, with an estimated initial output of 3000 bpd of crude oil.
According to the ministry, this development is part of a sequence of recent achievements in Egypt’s oil and gas exploration activities.
The new well, named Crystal Northeast Ramadan, was discovered using ocean bottom seismic technology, which enabled the detection of “promising geological formations” beneath the seabed that had previously not been accessible.
The existing Al-Fanar platform, owned by EGPC, was used for drilling and for the early phase of production, according to Egypt Oil & Gas.
This approach is said to have avoided the need to build a new platform, contributing to cost reduction and demonstrating efficient use of the sector’s current infrastructure and assets.
The ministry noted that the new discovery is in line with efforts to stabilise and increase oil production.
Other recent discoveries include Khalda Petroleum Company’s new natural gas find, Gomana-1, in the Western Desert, which is expected to yield approximately 36 million ft3/d.
According to Minister of Petroleum and Mineral Resources Karim Badawi, the sector has made 75 oil and gas discoveries and brought 383 new wells online.
In the ministry’s podcast, PetroCast, Badawi also reported that current natural gas production has reached around 4.2 billion ft3/d, with plans for further increases.
In September, EGPC signed three new agreements with international companies for oil and gas exploration in the Western Desert, Gulf of Suez and North Sinai regions.
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