Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al Mayadeen's correspondent: One was killed, another injured in a raid by an Israeli drone on the city of Khiam in South Lebanon
London views possibility of setting fire to tanker in port of friendly country to Russia to damage port infrastructure, initiate an international probe: Moscow
One of London's scenarios involves setting up accident with 'undesirable' tanker in one of the bottlenecks of maritime communications: Russian foreign intelligence agency
London plans to organize major sabotage with tankers to declare transportation of Russian oil to international shipping: Russian foreign intelligence agency
UK intelligence agencies plan to use NATO allies to launch massive raid on 'Shadow Fleet': Russian foreign intelligence agency
Palestinian Ministry of Health: Two were martyred in Israeli shelling that targeted a besieged house in the town of Qabatiya in Jenin
At least 68 dead in migrant shipwreck off Yemen: IOM
Trump: We want to feed the people in Gaza, we do not want them to starve.
US President Donald Trump: We will impose sanctions on Russia if it does not end the war on Ukraine.
Israeli media: Polls show that 52% oppose Prime Minister Benjamin Netanyahu while only 29% support him.

Egypt discovers new oil field in Gulf of Suez: Petroleum Ministry

  • By Al Mayadeen English
  • Source: Agencies
  • 22 Aug 2023 18:38
3 Min Read

Energy company Cheiron confirms that the exploration well has been successfully placed on production at a rate of over 2,500 bpd.

  • x
  • Egypt discovers new oil field discovered in Gulf of Suez: Ministry
    Container ships cross under the Suez Canal Bridge in the waterway of the Suez Canal, Egypt, on August 6, 2023 (Suez Canal Authority)

Egypt's Ministry of Petroleum and Mineral Resources announced on Tuesday that a new oil field has been discovered in the Gulf of Suez.

"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 confirmed in a statement.

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 Kuwait Foreign Petroleum Exploration Company (Kufpec) companies, the statement pointed out.

Cheiron owns 60% of the operating interest in the concession, while Kufpec owns the other 40%.

"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 indicated in a separate statement.

The company noted that it is the fourth well in the area, adding that with this discovery, oil production in the concession reached 23,000 barrels per day, compared with 4,000 barrels per day before the GNN field was developed.

"The new Nubia discovery confirms the exploration potential in the northern area of the concession and Cheiron and Kufpec are planning to drill at least three additional exploration wells in the concession area," Cheiron added.

Related News

Turkey, Egypt discuss Gaza aid, ceasefire talks: Reports

El-Sisi urges Gaza reconstruction, rejects Palestinian displacement

"In a broader sense, the discovery also demonstrates that while the Gulf of Suez is a relatively mature hydrocarbon province, it still has significant remaining exploration potential," the company explained.

Egypt, the Arab world's third-largest economy, has been aiming to increase natural gas production in order to fulfill expanding local demand, as well as exports to Europe, according to The National news website.

The country's natural gas exports reached $8.4 billion in 2022, jumping 171% from the previous year, as Europe's energy crisis increased demand for the fuel, the website highlighted.

It noted that Egypt unearthed a massive gasfield off its northeastern Mediterranean shoreline in December, with potential reserves of 3.5 trillion cubic feet.

The discovery was made in Nargis, one of four offshore exploration blocks in which Chevron and Egypt's Tharwa Petroleum both have operational interests.

Egypt's energy industry, according to Tarek El Molla, the country's petroleum and natural resources minister, aims to attract $8 billion in foreign investment in the coming fiscal year.

El Molla stated that the funds will be used for development and operational projects in the oil and gas industry.

Egypt has $1.8 billion in offshore exploration plans to develop new gas wells in the Mediterranean Sea and the Nile Delta, The National pointed out.

Read more: Energy company ENI announces discovery of new gas field in Egypt coast

  • Egypt
  • Fuel
  • Gulf of Suez
  • Oil
  • Suez
  • Oil field

Most Read

A rescued crew member from the ETERNITY C vessel in a video released by the Yemeni Armed Forces on July 28, 2025 (Yemeni Military Media)

Yemen Navy reveals fate of targeted Eternity C ship crew

  • Politics
  • 28 Jul 2025
An Israeli tank explodes following an ambush by al-Qassam Brigades in Gaza, Occupied Palestine, undated (Al-Qassam Military Media)

Al-Qassam strikes Israeli vehicles in Gaza, inflicts casualties

  • Politics
  • 30 Jul 2025
UAE lodges complaint against Israeli ambassador over 'misbehavior'

UAE lodges complaint against Israeli ambassador over 'misbehavior'

  • Politics
  • 1 Aug 2025
Protesters chant anti-Israeli slogans as they carry a banner that reads:" Freedom for Palestine, Alliance stop the war," during a demonstration in support of Palestinians in Gaza, outside the Israeli embassy, in Athens, Monday, June 9, 2025 (AP)

Athens mayor slams Israeli ambassador over Gaza war, graffiti claim

  • Politics
  • 3 Aug 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
A member of the al-Qassam Brigades, the armed wing of Hamas, takes part in a parade as he celebrates a ceasefire agreement between Hamas and the Israeli regime in Deir al-Balah, Gaza Strip, Sunday, January 19, 2025 (AP)
Politics

Al-Qassam: We’ll allow aid to Israeli captives if Gaza siege ends

Freed Lebanese freedom fighter Georges Abdallah during an interview on Al Mayadeen, which aired on Sunday, August 3, 2025 (Al Mayadeen screengrab)
Politics

Exclusive: Resistance key to building state, Georges Abdallah says

United Nations Secretary General Antonio Guterres gives a statement about the situation in Gaza at UN headquarters, Friday, June 27, 2025 (AP)
Politics

UN warns Gaza faces water crisis, looming famine under Israeli siege

Israeli soldiers drive their armored personnel carrier along the Gaza Strip, in southern occupied Palestine, Wednesday, July 30, 2025 (AP)
Politics

Ex-Israeli general says Gaza starvation campaign isolated 'Israel'

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS