The discovery of new oil for Egypt marks another turning point for the economy. Credit: Tom Carpenter via Shutterstock.

Egypt has made a new oil discovery in the Geisum and Tawila West Concession in the Gulf of Suez, according to a statement issued by the country’s Ministry of Petroleum and Mineral Resources on 22 August.

Cheiron, a Cairo-based crude explorer and producer, made the discovery at exploration well GNN-11, located at the concession’s Geisum field, according to the statement. The well produces around 2,500 barrels per day.

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The well is the fourth to be completed and a further three wells could be developed and drilled, the statement noted. Total production at the concession has reached 23,000 barrels per day.

Cheiron holds a 60% stake in the concession, whilst Kuwait Foreign Petroleum Exploration Company (Kufpec) holds a 40% stake. PetroGulf Misr, a joint venture between state-owned Egyptian General Petroleum Company and Kufpec, manage field operations.

The Arab world’s most populous nation is looking enhance its energy sector, to meet domestic demand as well as boost energy exports to Europe. To help achieve this, Egyptian authorities are hoping to attract around $8bn in foreign investment into the energy sector during the coming fiscal year.

To boost production, in July, Egypt said it planned to invest $1.8bn offshore exploration plans to drill new gas wells in the Mediterranean Sea and the Nile Delta. The programme involves several international companies including Chevron, Eni, ExxonMobil, Shell and bp.

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Earlier this year, Eni and its partners made a new gas discovery in the Eastern Mediterranean Sea, offshore Egypt, following the drilling of the Nargis-1 exploration well. The well is located in the Nargis Offshore Area Concession, covering an area of approximately 445,000 acres.