Gulf of Suez
The new discovery comes with an initial production rate of 2,000 barrels per day of crude oil, and it is estimated that there are about 70 million barrels of recoverable crude oil.
The Gulf of Suez amounted to 71,000 crude oil a day, pointing out to a plan to increase the company's production through digging more fields.
The agreement was signed by Chief Executive Officer of the Petroleum Authority Abed Ezz al-Ghanim, and Regional President of British Petroleum (BP) North Africa Hisham Makkawi.
Egypt’s Cabinet approved on Wednesday the request of a consortium to construct an additional 500 MW wind farm in the Gulf of Suez.
Total investment in Orascom’s Engie-Toyota Tsushois estimated at $400 million.
The wind farm is developed by a consortium of Egypt’s Orascom Construction, France’s GD France, and Japan’s Toyota.
In an Asian tour this month, Minister of Investment and Chairman of the Suez Canal Authority targeted signing contracts and MoUs for Suez Canal zone.
The solar plant is planned to be located in the Gulf of Suez.
The House of Representatives on Tuesday approved six fresh bills delegating the minister of petroleum and mineral resources to sign new exploration deals.