Egypt announces new oil discovery in Gulf of Suez

 Egypt's petroleum ministry on Tuesday announced a new oil discovery in the Geisum and Tawila West Concession in the Gulf of Suez.

The new discovery was made by Egypt's Cheiron through exploration well GNN-11, currently producing more than 2,500 barrels a day, the ministry said.

The well is the fourth to be completed and another three wells could be drilled as part of the current phase of exploration, the ministry said.