Egypt Oil & Gas learned that Petrozeit Petroleum Company is planning to drill for a new exploratory well in its acquisition area in Gebel El Zeit. Drilling will start during this year.

We also learned that the company will soon announce a new oil discovery in the same region.

“The total cost of drilling operations of this year reached up to $ 5 million, as we raised the budget assigned to drilling projects,” said Mohamed El Geziry, the Exploration Manager in Petrozeit, in an exclusive statement to Egypt Oil & Gas.

“If we achieved success in this well, we will provide and attach it with the production facilities of the company located in Gebel El Zeit, but after the results show the amount of reserves,” added El Geziry.

It’s worth mentioning that production started at Gebel El Zeit concession in 1996, and the preliminary results showed traces of crude oil.

Petrozeit is a joined venture between the Egyptian General Petroleum Corporation (EGPC) and Dover Petroleum of Canada, a publicly traded company that is presently focused on exploration and development in the Gulf of Suez.