Egypt announces new oil discovery in Gulf of Suez ...Egypt

The Cheiron company has made a new oil discovery in the Geisum and Tawila West concession area in the Gulf of Suez, the Ministry of Petroleum announced. Operations in the field are managed by the joint venture company PetroGulf Egypt, on behalf of the Egyptian General Petroleum Corporation at 50 percent and partners PICO Cheiron and KUFPEC, who share the other 50 percent. The discovery was made through the through exploration well GNN-11. The well encountered 165 feet of net high-quality vertical strata in the Nubian Sandstone, dating back to the pre-Miocene era. This is the first time that Nubian crude oil-bearing sandstone has been found in the region, the ministry said. The total crude oi

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