Cheiron Company, based in Cairo, Revealed on Tuesday a recent oil discovery in the Geisum-Tawila West concession area of the Gulf of Suez, as confirmed by the Ministry of Petroleum.
The Geisum-Tawila West field operations are under the management of the PetroGulf Egypt Joint Operating Company, acting on behalf of the Egyptian General Petroleum Corporation, with a 50% stake, in partnership with Cheiron-BECO and Cove Energy, who also hold a 50% stake.
The discovery was made during drilling at the North Geisum exploratory well (GNN-11), where they encountered a net pay of 165 feet in the high-quality Upper Nubia Formation, dating back to the pre-Miocene era. This marks the first-ever occurrence of the Upper Nubia Formation holding oil in the concession area.
The drilling of the well utilized recently installed Early Production Facilities in the North Geisum area, and it has been successfully put into production, with a rate exceeding 2,500 barrels per day.
Thanks to this new well and the successful drilling program executed thus far in the field, the total crude oil production has reached approximately 23,000 barrels per day. This is a significant increase from the around 4,000 barrels per day produced before the development of the North Geisum area.
This well represents the fourth well to be completed using Early Production Facilities. It's noteworthy that 3 more wells can be drilled using these facilities, which will be instrumental in continuing the current exploration drilling phase and further developing the concession area.
Moreover, Cheiron and Cove Energy have ambitious plans to drill more exploratory wells in the concession area and expand their development activities in the North Geisum (GNN) field.
