Egypt: Petrogulf Misr has announced the discovery of a deposit of around 70 million barrels of crude oil  1
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Denys Bédarride
Monday 6 July 2020 Last update on Monday, July 6, 2020 At 7:43 AM

A production base that will result in an extraction level of 2,000 barrels per day. Egypt is one of the few countries in Africa where exploration remains dynamic.

The Egyptian Petroleum Ministry has announced the discovery of a crude oil deposit in the shallow waters of the Geisum concession, south of the Gulf of Suez. The discovery has an initial production rate of 2,000 barrels of crude oil per day. 

It was carried out by Petrogulf Misr, a joint venture between the public company EGPC, the Pico GOS Petroleum Company, and the Egyptian subsidiary of the Kuwait Foreign Petroleum Exploration Company (KUFPEC)

The deposit is located in the GNN-4 well of the concession and shelters approximately 70 million barrels of extractable crude oil.

New updates will be provided in the coming days.

Discovery reports have become rare in Africa since the start of the coronavirus crisis. Exploration and drilling activities have mostly been suspended. However, even though they have reduced their workforce, some companies continue to drill offshore.

In early June, Egypt reported an oil discovery by the Borg Al Arab Petroleum Company on the Abu Sennan concession in the western desert, with an expected daily production rate of 4,100 barrels of crude oil and 18 million cubic feet of natural gas.

Source Agence Ecofin June 2020