New Oil Discovery in the Gulf of Suez By Gupco

The President of Gupco has announaced a new oil discovery in the Gulf of Suez. This discovery is 7 kilometer Northwest Tor city and 9 kilometers Southeast Morgan offshore field at 133 feet depth. The estimated reserves are 10 million barrels. The rate of production is estimated to reach 5000 barrels daily with an API grade of 30. The production will start by the first half of this month.