The results of geophysical data collection in the Red Sea, conducted by Schlumberger and Ganoub El Wadi Petroleum Company (Ganope), revealed gas discoveries probabilities exceeding 70% as per a seismic survey, a source at the oil and gas sector told Al Borsa News.

The data revealed similarities between the subsea ground in both the Egyptian and Saudi territorial waters, the sources noted, adding that Saudi Arabia has recently made a gas discovery in its Red Sea territorial waters.

The companies completed a 2D seismic survey with recent technologies, after seismically surveying over 10,000 km in the Red Sea, with investment cost $750 million.

The Ministry of Petroleum and Mineral Resources conducted an ambitious plan to add Red Sea concession to its exploration and production (E&P) investments map, in order to make new discoveries to boost oil and gas production and reserves.