The Cairo-based Cheiron Petroleum Corporation announced a new oil discovery in Egypt’s Geisum and Tawila West Concession in the Gulf of Suez, according to a statement by the Ministry of Petroleum and Mineral Resources on Tuesday. The petroleum ministry reported that the discovery was made through the GNN-11 exploratory well, and that three further wells can be drilled in the same area.
According to the ministry, the output of crude oil in the Geisum and Tawila West Concession has risen to about 23,000 barrels per day (bpd), while GNN-11 is now producing 2,500 bpd.
The North Geisum, South Geisum, Northeast Geisum, and Tawila West fields are all included in the Geisum and Tawila West Concession, which is situated at the Gulf of Suez’s southern entrance.
The location serves as the focus for production and storage for Cheiron and is home to 87 wells, six offshore platforms, five production pipelines, and an onshore storage facility. Currently, this concession turns out an average of 4,900 bpd.
Cheiron is an independent oil exploration and production business in Egypt, producing 130,000 bpd and expanding its international presence. The company holds holdings in Romania and Mexico.
Petroleum and natural gas account for around 93 percent of Egypt’s energy resources and cover about 75 percent of domestic consumption, according to the Egyptian Minister of Petroleum, Tarek El-Molla.
Egypt’s petroleum exports decreased to $11.7 billion, down from $13 billion during the first nine months of FY 2022/23, while imports rose to $10 billion, up from around $9 billion in the same period.
Egypt’s Vision 2030 states that the country aims to secure its petroleum material needs to keep up with the demands of sustainable growth, maximizing the sector’s contribution to national income, raising citizen welfare, and transforming Egypt into a regional energy hub.
