Egyptian Ministry of Petroleum and Mineral Resources announced the discovery of a new oil field in the Gulf of Suez on Tuesday.
According to the ministry's statement, the discovery was made by Cheiron Petroleum Corporation in the Geisum and Tawila West concession areas in the Gulf of Suez.
Specifically, four wells in the region produce an average of 23,000 barrels of crude per day, with the potential for three more wells to be drilled.