Egypt has announced the discovery of a new oil well in the Suez Gulf waters, a strategic location near the Suez Canal, one of the world’s busiest trading corridors. The discovery, made through a partnership between Dragon Oil, from the United Arab Emirates, and the Gulf of Suez Petroleum Company (Gupco), represents an advance in the country’s strategy to reduce external energy dependence and strengthen national production.
Promising reserves and new exploration opportunities
The East Crystal-1 exploratory well revealed a significant reservoir, with an initial production of over 2,000 barrels of gross oil per day. However, the highest potential lies in the underlying layer, whose thickness of more than 30 meters suggests an even greater extraction capacity. According to the Electonomist newspaper, new wells can raise daily production to more than 5,000 barrels.
Estimated reserves are around 8 million barrels, but there is expectations that this value can be exceeded as exploration advances. Egypt’s Ministry of Oil and Mineral Resources considers this discovery essential for the strategy of increasing oil and gas production, key element to reduce imports and reinforce national energy safety.
Advanced Technology in the Exploration of the Gulf of Suez
Exploration in the region has benefited from the use of advanced seismic technology, such as Ocean Bottom Node (OBN), which allows for more accurate seafood cartography and facilitates the identification of hydrocarbonet deposits in difficult areas. The success of the east Crystal-1 well follows the other recent discovery in the S. El-Wasl-1 well, also in Suez’s Gulf, reinforcing the region’s potential for new extractions.
The proximity of the Suez channel gives an additional strategic value to this discovery. Since its inauguration in 1869, the channel has been an essential route for global trade, linking Europe, Asia and Africa. Now, in addition to functioning as one of the main arteries of worldwide maritime transport, the region begins to consolidate itself as an energy production center, reinforcing the role of Egypt in the international oil market.
Egypt’s return to the global oil sector
Although it has already been one of the world’s leading oil producers, Egypt has seen its production fall in recent years. Currently, the country extracts about 540,000 barrels per day, insufficient amount to cover internal demand. However, with recent discoveries such as the East Crystal-1 Well, Egypt seeks to recover its relevance in the oil industry, with export prospects and impact on energy prices stability in the region.
The partnership between Dragon Oil and Gupco, coupled with investment in advanced technology, demonstrates Egypt’s ability to attract foreign investment and boost its economy, as explained by. The success of this exploration can make way for new projects and consolidate the country’s position as an important supplier of oil and gas at international level.
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