Egypt’s Ministry of Petroleum and Mineral Resources has announced a new oil discovery offshore the Gulf of Suez following the successful drilling of the Northeast Ramadan Crystal exploration well. The well is located in the North-East Ramadan Concession area and was discovered by the Gulf of Suez Petroleum Company, the operating joint venture between the Egyptian General Petroleum Corporation and the UAE’s Dragon Oil.
The Ministry expects the new well to be brought on stream within days, with an estimated initial output of approximately 3,000 barrels per day of crude oil. According to the Ministry, the application of Ocean Bottom Node seismic surveying technology enabled the identification of promising geological structures beneath the seabed that were previously inaccessible, enhancing exploration efficiency.
The existing Al-Fanar platform owned by EGPC was utilized for drilling the well and initiating early production, eliminating the need to construct a new platform. This measure significantly contributes to reducing costs and reflects the efficient exploitation of the Petroleum Sector’s existing assets and infrastructure, the Ministry confirmed on November 20.
The new discovery supports the sector’s goal of stabilizing and increasing oil production. Recent successes include Khalda Petroleum Company’s new natural gas discovery, Gomana-1, in the Western Desert, with an estimated production rate of around 36 million cubic feet per day.
These achievements align with broader goals outlined by Karim Badawi, Minister of Petroleum and Mineral Resources, who noted that since July 2024, the petroleum sector has witnessed 75 new oil and natural gas discoveries and brought 383 new wells into production, adding 1.1 billion cubic feet of natural gas and nearly 200,000 barrels per day of crude oil. Badawi stated that current natural gas production has reached approximately 4.2 billion cubic feet per day, with crude oil production stabilizing at around 540,000 barrels per day and positioned to enter a new growth phase.
Source: egyptoil-gas.com