Latest news with #GulfofSuezPetroleumCompany
Egypt Independent
07-02-2025
- Egypt Independent
Red Sea boat sinks, 4 rescued, others still missing
The Gulf of Suez Petroleum Company's (Gapco) marine units successfully rescued four crew members from the sunken tourist vessel 'Try Tone' in the Gulf of Shaqeer. The search continues for two other crew members by the marine units 'Maridaive 602' and 'BMS 5', with company leaders closely monitoring the search and rescue efforts immediately upon receiving the report of the tourist boat's sinking. Preliminary investigations into the sinking of a tourist boat without passengers in the Jabal Al-Zeit area north of the Red Sea revealed that the sunken boat had six crew members on board. The Search and Rescue Center was also notified of the incident. Red Sea authorities had received a report on Thursday evening about the sinking of a tourist boat with six people on board off the coast of Jabal Al-Zeit, north of Hurghada, prompting the deployment of three marine units from nearby oil companies. Initial investigations indicate that the boat sank in the Jabal Al-Zeit area due to bad weather conditions. Investigations added that the tourist boat, named 'Try Tone,' was carrying six crew members and was sailing from Rasheed to Hurghada after completing maintenance work. The relevant authorities were notified, and the level of preparedness was raised across all agencies. The ambulance service and several oil companies operating in the area were also alerted to participate in the search and rescue operations for the sunken boat's crew.
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.
