Egypt’s Petrogulf makes new oil discovery in Gulf of Suez’s Gisum concession

Petrogulf Misr — a JV between the Egyptian General Petroleum Company, the Kuwait Foreign Petroleum Exploration Company, and Cheiron — has made a shallow-water oil discovery in the Gulf of Suez that has an initial production level of 2k barrels of crude per day, the Oil Ministry said in a statement. The GNN-4 well contains roughly 260 mn barrels of oil (MMbbls) and is located in the concession covering the Geisum and Tawila West fields, Cheiron said in a statement.