Cheiron Energy hits oil in Egypt’s Gulf of Suez
CAIRO, August 22, 2023 – Cheiron Energy has made an offshore oil discovery at the Geisum and Tawila West block in Egypt’s Gulf of Suez, the local E&P player announced on Tuesday.
The GNN-11 exploration well encountered 50.1 metres of quality vertical net pay in the Pre-Miocene Nubia formation.
The well has begun production at rates of more than 2,500 bopd via the recently installed GNN early production facility that encompasses a conductor support platform, a mobile offshore production unit and a 25.4-centimetre oil export pipeline tied back to the existing Geisum Star production complex.
The GNN-11 well is the fourth to come on line connected to the GNN early production facility, with three more planned in the company’s current exploration phase.
Production from the concession now sits at 23,000 bopd.
The Geisum and Tawila West block is estimated to hold more than 300 million barrels of oil.
Cheiron Energy holds an operating 60% stake in the block, with Kuwait Foreign Petroleum Exploration Company holding the remaining 40% stake.
The local E&P entity currently produces around 135,000 boepd, with 90% of its production coming from its Egyptian plays and the remainder coming from its Mexican assets.