New oil discovered in Gulf of Suez

The drilling of the East Crystal-1 exploration well in the Gulf of Suez, operated by Dragon Oil and Jabco, have been successful. Preliminary testing results for the 16-ft Howara layer showed a daily production of more than 2,000 barrels of crude oil. The honey base layer, which is more than 100 ft thick, has not yet been tested.

Jabco will complete detection development by drilling two additional wells, adding more than 5,000 barrels of crude oil per day.
This discovery comes within the framework of the implementation of the Ministry of Petroleum and Mineral Property strategy, which aims to increase local oil and gas production, as one of the key pillars of contributing to reducing the import bill.