Egypt’s GUPCO Confirms New Oil Discovery in Gulf of Suez

The drilling of the exploratory well East Crystal-1 in the Gulf of Suez, carried out by the Emirati company Dragon Oil, through the joint venture company, the Gulf of Suez Petroleum Company (GUPCO), has been successful.

Initial testing of the 16-foot-thick Hawara layer showed a daily production of more than 2,000 barrels of crude oil. The underlying honey layer, which is more than 100 feet thick, has not yet been tested.

GUPCO will complete the development of the discovery by drilling two additional wells, which will contribute to adding over 5,000 barrels of crude oil per day.

This discovery falls within the framework of implementing the strategy of the Ministry of Petroleum and Mineral Resources (MoPMR), which aims to increase local production of oil and gas, as one of the main pillars to contribute to reducing the import bill.

Through the drilling of the new well located in the integrated concession area in the Gulf of Suez, the expected stock before drilling was confirmed, amounting to about 8 million barrels, with expectations of exceeding this quantity.

The East Crystal-1 well is the second successful exploration well drilled using the latest seismic survey technology, the Ocean Bottom Node (OBN) seismic exploration, after the success of the S. El-Wasl-1 well.