Latest news with #GUPCO
See - Sada Elbalad
14-05-2025
- Business
- See - Sada Elbalad
Ministry of Petroleum Announces Three New Oil and Gas Discoveries in Western Desert & Gulf of Suez
Yara Sameh As part of the Ministry of Petroleum and Mineral Resources' efforts to boost production and encourage operating companies to expand exploration drilling, reflecting the promising potential of Egypt's energy sector, companies Khalda, Petrobel, and GUPCO have made three new oil and gas discoveries in their concession areas in the Western Desert and the Gulf of Suez. On May 11, Khalda Company successfully made a discovery at South NUT-1 in the Western Desert. Electrical logging confirmed gas indications in the Shifa sandstone layer within the Paleozoic formation, with a net thickness of 253 feet. The expected reserves prior to drilling were estimated at around 12.5 million barrels of oil equivalent (62.7 billion cubic feet of gas and 1.15 million barrels of condensates). Pressure measurements are underway, and the well will soon be tested and evaluated. Additionally, a development plan is nearing completion, including the construction of a 10-inch, 23-kilometer production pipeline at an investment of approximately USD 10 million. The plan also involves drilling several exploratory wells to boost the company's natural gas output. The well is expected to produce 30 million cubic feet of gas per day. Petrobel made a new discovery on May 8 by testing and evaluating the appraisal well West Feiran-2 in the Gulf of Suez. Perforating 27 meters in the Asl sandstone resulted in a production rate of 2,660 barrels of oil per day, and the added reserves from the well are currently being assessed. GUPCO also made a discovery on May 1 through testing and evaluating the exploratory well GS327-A15, perforating 38 feet in the Kareem sandstone, with a production of 720 barrels of oil per day. The added reserves from the well are also under evaluation. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Egypt confirms denial of airspace access to US B-52 bombers Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War
Zawya
14-05-2025
- Business
- Zawya
Egypt unveils 3 oil, natural gas discoveries in Western Desert, Gulf of Suez
Arab Finance: Khalda Petroleum Co (KPC), Balaeim Petroleum Co (PETROBEL), and Gulf of Suez Petroleum Co (GUPCO) achieved three new oil and natural gas discoveries in their concessions in the Western Desert and the Gulf of Suez, according to a statement. On May 11 th, KPC unveiled a new discovery at South NUT-1 in the Western Desert, with electric logging confirming natural gas indications in the Safa sandstone layer within the paleozoic formation. The estimated reserves before drilling stood at nearly 12.5 million barrels of oil equivalent. Meanwhile, the pressure measurements are underway, and the well is set to be tested and evaluated soon. With an investment of around $10 million, a development plan will be implemented, including the installation of a 10-inch, 23-kilometer production pipeline. Furthermore, the company plans to drill several wells to enhance its natural gas production, with an expected daily production capacity of 30 million cubic feet of gas. On May 8 th, PETROBEL unveiled a new discovery by testing and evaluating the West Ferran-2 appraisal well in the Gulf of Suez, perforating 27 meters in the Asl sandstone. The recovery rate reached 2,660 barrels of oil per day, while the added reserves from the well are being assessed. On May 1 st, GUPCO achieved a new discovery by testing and evaluating the GS327-A15 exploratory well, perforating 38 feet in the Kareem sandstone. The recovery was 720 barrels of oil per day, and the added reserves are being evaluated. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
CairoScene
30-01-2025
- Business
- CairoScene
Gulf of Suez Well Discovery Holds Estimated 8 Million Barrels of Oil
The Ministry of Petroleum anticipates production volumes this year may exceed Egypt's highest previous peak. Jan 30, 2025 The East Crystal-1 is Egypt's newest exploration well in the Gulf of Suez. The project, conducted by the Gulf of Suez Production Company (GUPCO) in collaboration with Emirati company Dragon Oil, estimates about eight million barrels of crude oil to be found in 2025 alone. The initial 16-foot layer, dubbed 'Hawara', showed an initial estimate of producing about 2,000 barrels of crude oil per day. The underlying honey layer – about 100 feet deep – has yet to be tested, the ministry said. With the East Crystal-1 project, GUPCO plans on drilling two additional wells expected to increase crude oil production by about 5,000 barrels a day, the Suez production company said. Egypt's oil production dropped by about 30 percent from its peak in 2021, data from the Joint Organization Data Initiative (JODI) reports. The petroleum ministry anticipates that production volumes may exceed the previous 2021 peak. This project is the second successful exploration well drilled using seismic technology, known as Ocean Bottom Node (OBN) seismic exploration.
Daily News Egypt
30-01-2025
- Business
- Daily News Egypt
Egypt announces new 8 million barrels oil discovery in Gulf of Suez
Egypt has confirmed the discovery of at least eight million barrels of oil in the East Crystal-1 well in the Gulf of Suez, the petroleum ministry announced on Wednesday. The exploratory well was drilled by UAE-based Dragon Oil, through the Gulf of Suez Petroleum Company (GUPCO). The drilling of the East Crystal-1 well was carried out by Dragon Oil, a wholly owned subsidiary of the Emirates National Oil Company (ENOC). The drilling was conducted through the joint venture company, GUPCO. The ministry said the discovery falls within the Ministry of Petroleum and Mineral Resources' strategy to boost local oil and gas production, aiming to reduce import costs. Initial testing of the 16-foot-thick Hawara layer showed a daily production of over 2,000 barrels of crude oil. The underlying honey layer, which is more than 100 feet thick, is yet to be tested, the ministry said. The ministry also confirmed that the expected stock before drilling, at about eight million barrels, was confirmed through the drilling of the new well, located in the integrated concession area of the Gulf of Suez, with expectations that this quantity could be exceeded. GUPCO plans to drill two more wells to develop the discovery, which is expected to add more than 5,000 barrels of crude oil per day to production. The East Crystal-1 well is the second successful exploration well drilled using the latest seismic survey technology, known as Ocean Bottom Node (OBN) seismic exploration. The first was the S. El-Wasl-1 well. Dragon Oil completed its acquisition of BP's stake in GUPCO's concession areas in 2020.
Al-Ahram Weekly
29-01-2025
- Business
- Al-Ahram Weekly
Pre-drilling estimates in Gulf of Suez indicate 8 mln barrels of crude oil reserves: Petroleum ministry - Energy
The Ministry of Petroleum and Mineral Resources announced Wednesday that pre-drilling estimates for the East Crystal-1 well in the Gulf of Suez indicate reserves of approximately 8 million barrels of crude oil. This discovery aligns with the ministry's strategy to increase domestic oil and gas production, a key pillar in reducing import costs. Egypt has faced a natural gas shortage due to declining domestic production, increased demand in the electricity sector, and growing industrial needs. According to data from the Joint Organizations Data Initiative (JODI), in May 2024, Egypt's oil production dropped by 30 percent from its peak in March 2021, reaching 4.288 million cubic metres. The petroleum ministry anticipates that production volumes may exceed this estimate. The exploratory drilling operations at the East Crystal-1 well were conducted by the Gulf of Suez Petroleum Company (GUPCO) in collaboration with the Emirati company Dragon Oil. GUPCO plans to further develop the discovery by drilling two additional wells, which are expected to increase daily crude oil production by more than 5,000 barrels. Preliminary test results from the Hawara layer, which extends over 16 feet, revealed a daily production rate of more than 2,000 barrels of crude oil. The primary Honey layer, with a thickness exceeding 100 feet, has yet to be tested. This discovery is crucial as it indicates the potential for revitalizing production in mature fields, particularly in the Gulf of Suez. Employing modern technologies, such as Ocean Bottom Nodes (OBN) seismic surveying, played a critical role in this discovery. OBN seismic surveying is an advanced technique that captures high-resolution seismic data by deploying sensors on the seabed, providing more accurate subsurface imaging for oil and gas exploration. The East Crystal-1 well is the second successful exploratory well drilled using this cutting-edge technology, following the success of the S. El-Wasl-1 well. In related news, ExxonMobil, a US-based multinational oil and gas corporation, announced in January that it had discovered natural gas reserves off the coast of Egypt following the successful drilling of an exploratory well in the Mediterranean Sea. Founded in the 1960s, GUPCO is a joint venture between the Egyptian General Petroleum Corporation (EGPC) and British Petroleum (BP). It is one of the largest offshore and onshore crude oil producers in the Gulf of Suez Basin. Dragon Oil, a privately owned subsidiary of Emirates National Oil Company (ENOC) based in UAE, is an oil and gas exploration, development, and production company registered in Ireland. Short link:
