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Cheiron makes new oil discovery in Gulf of Suez

Exploration & Production

Cheiron, an independent exploration and production company, has made a new oil discovery in the Geisum and Tawila West Concession in the Gulf of Suez, Egypt

The discovery was made by the GNN-11 exploration well, which was drilled into a fault block to the east of the GNN oil field development. The well encountered 165 feet of good quality vertical net pay in the Pre-Miocene Nubia formation, the first time this formation has been found to be oil bearing in the GNN area of the concession. The producing reservoir in the main GNN field is in the Nukhul formation.

The well has been successfully placed on production at a rate of more than 2,500 bopd. As a result of the new well, and the successful drilling campaign conducted to date on the field, the gross oil production from the concession has reached 23,000 bopd, compared to 4,000 bopd before the GNN field was developed. A further three wells are planned to complete the current phase of the GNN drilling programme.

Cheiron, through its PICO GOS affiliate, holds a 60% working interest and operatorship in the concession, with Kufpec holding the remaining 40%. The field operations are managed by the PetroGulf Misr Joint Operating Company on behalf of EGPC (50%) and the partners (50%).

Cheiron and Kufpec are planning to drill further exploration wells in the concession area, given the exploration potential.