KUFPEC Begins Extracting Bitumen Oil from Gulf of Suez

In a statement, KUPEC said its wholly owned subsidiary, KUFPEC Egypt limited (KUFPEC Egypt) has achieved the first oil production from its appraisal well GNN-4 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, Kuwait News Agency (KUNA) reported.

It indicated that the reservoir discovery dated back to July 2019, specifically at the GNN-3 exploration well, where preliminary survey revealed it contained 500 feet of high quality oil, estimated at 260 million barrels.

The Geisum Concession is located offshore Egypt in the Southern Gulf of Suez in shallow waters with a depth ranging from 30 to 200 feet, covering an area of approximately 105 square kilometers.

KUFPEC Acting CEO Shaikh Nawaf Saud Naser Al Sabah said that the main objective of drilling operations for GNN-4 was to appraise oil in the Nukhul formation.

The well was successfully completed and tested at initial rates of over 2,000 barrels per day (bpd).

Shaikh Nawaf said that KUFPEC’s exploration successes, whether the huge discovery KUFPEC announced last year with multi-TCF resource in Malaysia or the current one in Egypt, demonstrate its ability to achieve strategic targets through exploration.