Egypt's Ministry of Petroleum and Mineral resources stated on Tuesday that a new oil field has been discovered in the Gulf of Suez, APA reports citing Sputnik.
"Cheiron Company announced that it has made a new oil discovery in the Geisum and Tawila West Concession in the Gulf of Suez," the ministry said.
The oil field will be managed by Egypt's Petrogulf Misr, which is a joint venture between the Egyptian General Petroleum Corporation and the Cheiron and Kufpec companies.
"The [exploration] well was drilled from the recently installed GNN Early Production Facility and has been successfully placed on production at a rate of over 2,500 [barrels per day]," Cheiron noted in a separate statement.
The company added that it is the fourth well in the area. With its discovery, oil production in the concession reached 23,000 barrels per day.
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