Egypt inaugurates new expansions to North Geisum Oil Field

PetroGulf's production at North Geisum surged from 4,000 barrels of oil per day (BOPD) at the start of the production to 19,000 BOPD currently, revealed the statement.

Meanwhile, confirmed reserves at the field increased from 118 million barrels to around 203 million during the first half of 2023.

Minister El-Molla explained that the new expansions fall under the national strategy to maximize petroleum wealth through existing and new facilities.

PetroGulf Misr oversees a group of fields in the Central Gulf of Suez, including North Geisum, North-East Geisum and South Geisum, which are located 70 kilometres north of Hurghada on the Red Sea.

PetroGulf Misr is a joint venture between the Egyptian General Petroleum Company, Cheiron, and Kufpec - a subsidiary of Kuwait Petroleum Corporation.

Egypt's crude oil exports plummeted by 38.7 percent YoY to record $635 million in February 2023, according to recent official figures.

Meanwhile, crude oil imports surged by 38.5 percent YoY to record $974 million in the same month.