Latest news with #OceanBottomNode
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.
