GUPCO achieves new oil discovery in Gulf of Suez
Updated 11/20/2025 12:11:00 PM
Arab Finance: The Ministry of Petroleum and Mineral Resources has announced a new oil discovery in the Gulf of Suez, achieved by the Gulf of Suez Petroleum Company (GUPCO), according to a statement.
The achievement follows the drilling of the North East Ramadan Crystal exploration well (NER-1X), which is expected to begin production within days, with an estimated output of about 3,000 barrels of crude oil per day (bopd).
The ministry highlighted that the discovery was achieved by deploying the latest technologies, specifically the Ocean Bottom Node (OBN) seismic surveying technology.
This method identified promising geological structures beneath the seabed, such as structures were previously inaccessible without this technology.
Moreover, the Al-Fanar platform was utilized for drilling the well and initiating early production, without the need to construct a new platform, which contributed to reducing costs.
It is worth highlighting that GUPCO is an operating joint venture (JV) between the Egyptian General Petroleum Corporation (EGPC) and the UAE's Dragon Oil.
Related News
