The Ministry of Petroleum and Mineral Resources announced a new petroleum discovery in the shallow waters of Geisum Concession at the south of Gulf of Suez, a press release reported.

According to the statement, the initial production rate of the new discovery (GNN-4) is 2,000 barrel per day (bbl/d) of crude oil. The indications showed that there are about 70 million barrel (mmbbl) of extractable crude oil.

The new discovery was achieved by the Petrogulf Misr, on behalf of Egyptian General Petroleum Corporation (EGPC), in addition to Pico GOS Petroleum Company limited, and Kufpec Egypt limited. Also, Ganoub El Wadi Petroleum Holding Co. technically supervised the petroleum concession.

The successful  exploration in the current fields indicate that there are more oil wealth and resources that have not yet been discovered, and that modern and advanced geological technologies contribute to achieving more discoveries.