Latest news with #GPR-1X
Business Insider
4 days ago
- Business
- Business Insider
Egypt announces new oil discovery in Western Desert
The Egyptian General Petroleum Corporation (EGPC) has announced a new oil and gas discovery in the Abu Sennan brownfield in Egypt's Western Desert. The Egyptian General Petroleum Corporation announced a new oil and gas discovery in Abu Sennan, Western Desert, Egypt. Initial testing of the GPR-1X well revealed significant yields of oil and gas, with potential reserves of two million barrels of recoverable crude oil. Egypt's Ministry of Petroleum is increasing sector investments, planning $1.2 billion for 2024/2025 and a broader $7.2 billion strategy by 2030. The Egyptian General Petroleum Corporation (EGPC) has announced a new oil and gas discovery in the Abu Sennan brownfield in Egypt's Western Desert, as per a statement by the Ministry of Petroleum and Mineral Resources. The Egyptian Western Desert is a vast expanse of the Sahara Desert, covering over two-thirds of Egypt's land area. According to the Ministry, early test results from the GPR-1X well show promising outputs, up to 1,400 barrels of crude oil and one million cubic feet of gas per day from the Bahariya formation. Egypt's bold investment in oil exploration It comes as Egypt ramps up investment in its oil sector. Last year, the government announced plans to invest $1.2 billion in the 2024/2025 fiscal year to drill 110 exploratory wells. This is part of a broader strategy to invest $7.2 billion in drilling 586 exploratory wells by 2030. The new find is expected to boost Egypt's reserves by an estimated two million recoverable barrels of crude, according to Arab Finance. EGPC Chairman Mohamed Abdel Majeed said the well is currently undergoing testing at the production station. He also noted encouraging signs of additional hydrocarbon deposits in the Abu Rawash G and B formations, based on recent electrical logging data. This is the second discovery in the area in just three months, following another made in March. Both breakthroughs, the ministry said, were aided by artificial intelligence technologies deployed by EGPC teams. Officials say the discovery highlights the untapped potential of the Western Desert and shows the value of utilising modern technologies to revitalise mature fields.
Al-Ahram Weekly
5 days ago
- Business
- Al-Ahram Weekly
GPC announces new oil discovery in Egypt's Western Desert - Society
The General Petroleum Company (GPC) has announced a new oil discovery—GPR-1X—in the Abu Sennan fields of Egypt's Western Desert, the Ministry of Petroleum and Mineral Resources said Sunday. Initial tests show the well produces up to 1,400 barrels of crude oil and around 1 million cubic feet of gas per day from the Behaira layer. The discovery adds an estimated two million barrels of recoverable reserves. GPC Chairman Mohamed Abdel Meguid said the well is undergoing production testing and has shown promising hydrocarbon indicators. The discovery is the second in Abu Sennan in three months and aligns with the ministry's push to raise domestic output and boost production from mature fields. GPC credited artificial intelligence tools for aiding the find, highlighting the remaining potential in the Western Desert. Energy strain prompts urgent measures The announcement comes amid growing pressure on Egypt's energy sector, as regional tensions and falling gas supplies strain electricity production. Prime Minister Mostafa Madbouly said Saturday that recent Israeli strikes on Iran have disrupted natural gas flows. This has prompted Egypt to fast-track the deployment of two liquefied natural gas (LNG) regasification vessels by early July. Together with an existing unit, they will provide 2.25 billion cubic feet of gas daily. Madbouly said the government is working to prevent summer power cuts, doubling fuel oil reserves to secure generation capacity. Egypt's domestic gas production has dropped to 4.1 billion cubic feet per day, while demand now exceeds 6 billion. The electricity sector alone consumes nearly 60 percent of that supply. At the same time, Israeli gas exports to Egypt have fallen by one billion cubic feet per day, leaving just 800 million cubic feet flowing during the summer. According to Reuters, Egypt may need to spend up to $3 billion on LNG shipments to maintain current power generation levels. Follow us on: Facebook Instagram Whatsapp Short link:
