Mubasher: Kuwait Foreign Petroleum Exploration Company (KUFPEC) announced that its Egyptian unit started its first oil production from its GNN-4 well in the Geisum concession in Egypt’s Gulf of Suez.

 “GNN-4 is the first appraisal well in the ongoing early production and reservoir appraisal drilling program for the GNN Nukhul oil discovery,” according to a statement on Thursday.

The reservoir discovery was made in July 2019 by the GNN-3 exploration well. The findings indicated that it contained about 500 feet of good quality oil with an estimated 260 million barrels of oil.

“The well was successfully completed and tested at initial rates of over 2,000 BOPD [barrels of oil per day],” KUFPEC’s acting CEO Shaikh Nawaf Saud Nasir Al-Sabah said.

The Geisum concession is situated offshore Egypt in the Southern Gulf of Suez with a depth between 30 and 200 feet, spanning over an area of about 105 square kilometres.

KUFPEC Egypt owns a 40% working interest under the production sharing contract with the operator PICO GoS Limited, a Cheiron Group Company, which holds the remaining 60% working interest.

The concession is managed by Petro Gulf Misr, jointly owned by the Egyptian General Petroleum Corporation (EGPC), KUFPEC Egypt, and PICO GoS Limited, and it is technically supervised by South Valley Egyptian Petroleum Holding Company.