An aerial view taken on March 27, 2021 from the porthole of a commercial plane shows stranded ships waiting in queue in the Gulf of Suez to cross the Suez Canal at its southern entrance near the Red Sea port city of Suez [MAHMOUD KHALED/AFP via Getty Images]Egypt has made a new oil discovery in the Gulf of Suez region, giving it more energy reserves and drilling opportunities amid rising domestic and foreign demand. According to Egypt’s Petroleum Ministry today, the company, Cheiron, made the new oil discovery in the Geisum and Tawila West Concession in the Gulf of Suez through exploration well GNN-11. It is the fourth well to be completed in the area, with another three wells set to be drilled in order to continue the current exploration phase. The GNN field reportedly holds significant promise, with its total output reaching around 23,000 barrels per day, in comparison to the 4,000 barrels per day prior to the development of the field. Cheiron currently holds a 60 per cent working interest in the concession, with the Kuwait Foreign Petroleum Exploration Company (Kufpec) holding the...
