Egypt announced three new petroleum discoveries in Gulf of Suez, Eastern and Western desert with total reserves of 21.2 million barrels of oil and 11 billion cubic feet of gas.
From his part, Minister of Petroleum and Mineral Resources Sherif Ismael stressed importance of continuing development of the modern technological methods, adoption of unconventional ideas and expansion in implementation of the new wells drilling programs.
The minister made his remarks came during a meeting held between the Minister and the petroleum leaders to review results of the exploration and development activity programs during the past financial year.
The three new finds made by the General Petroleum Company (GPC) had also added 21.2 million barrels of oil to Egypt’s reserves.
GPC’s exploration and development plans for the Eastern and Western Deserts were also outlined during the meeting for 2014/2015, with three new oil and gas exploration wells drilled onshore and offshore in those areas. 10 development wells were also drilled in the Eastern Desert and 6 in the Western Desert, with a 100% success rate. GPC total production was 46,700 barrels of oil equivalent, gas and condensates per day for that year.
With respect to GPC’s Plan of Action for the current fiscal year 2015/2016, 7 new exploratory wells and 23 development wells in the Eastern Desert.
Source: Egypt State Information Service