Petroleum Min. Announces New Gas Field Discovery in Sinai

Petroleum and Mineral Resources Ministry announced today, a new gas discovery in ​Abou Redis area in Sinai.

The ministry reported that a layer crude oil with vertical thickness of 35 meters from sedimentary rocks and 65 meters of calcareous rocks was discovered as well as placed on the sedimentary rocks production through the productive facilities which available in the area discovery.

According to the ministry, this discovery represents a new challenge for the company in light of the field aging since 1957, which is considered one of the oldest fields in Egypt.

​Abou Redis area in Sinai

Also, it pointed out to the company's development plan for the region, including; drilling 10 development wells by daily production rate at least 3,000 oil barrels and the maximizing production study through the application of hydraulic cracking technology.

Later, Central Bank of Egypt (CBE) reported that Oil exports increased by an average of 57.6 % to record $ 6 billion, due to the increase in exports of petroleum products by 75.8 % and crude oil by 39.7 %.