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(KUFPEC) Petroleum Exploration announces a new oil discovery in the Gulf of Suez, Egypt

22-08-2023

Kuwait Foreign Petroleum Exploration Company (KUFPEC) announced today, Tuesday, that its subsidiary (KUFPEC-Egypt) Ltd. has made a new oil discovery in the Jessum and West Tawila concession in the Gulf of Suez basin in Egypt. The CEO of the Kuwait Foreign Petroleum Exploration Company, Muhammad Al-Haimer, said in a statement, a copy of which was received by Kuwait News Agency (KUNA), that "(KUFPEC) made this discovery through the exploration well (GNN-11)." He added that this well was drilled east of the (GNN) oil field, which resulted in 165 feet of layers producing hydrocarbon resources in the (Nubia Reservoir) formations, which are among the new reservoirs that were discovered in addition to the traditional reservoirs in the (GNN) field. The statement indicated that the well was drilled by the early production facilities, which were recently established, to produce more than 2,500 barrels of oil per day. He pointed out that the fruits of the new well and the successful drilling program that was recently implemented in the field contributed to increasing the total oil production from this concession, which amounted to 23,000 barrels of oil per day, compared to 4,000 barrels of oil per day before the field was developed. The statement revealed that the discovered well (GNN-11) is the fourth that has been completed by the early production facilities that were established in the central region of the field, which includes a support platform, a mobile offshore production unit and an oil export pipeline. Al-Haimer explained that the new well has been linked to the current (Star Jessom) production complex, pointing out that there are still remaining wells in the future plan, which will be drilled, and the current phase of the exploration drilling and development program will be completed, explaining that the (GNN) field was discovered by the project partners. Subscriber in 2019. And that the realization of this discovery came after the implementation of a large-scale exploration and development program that lasted for several years, revealing that the efforts of the project partners culminated in confirming the positive hydrocarbon potentials of the Gulf of Suez region. Chiron Company (Cherion), through its subsidiary (Goose Beko), owns a 60 percent stake in the concession, while (KUFPEC-Egypt) Ltd. owns the remaining 40 percent stake, while field activities are managed as operator in the concession by (Petrogolf-Egypt). It is noteworthy that (KUFPEC) is a subsidiary of the Kuwait Petroleum Corporation and carries out exploration and production of oil and natural gas outside the State of Kuwait.