The Egyptian Petroleum Ministry has declared new oil excavations east of Gabal al-Zeit, in the Gulf of Suez. Its production will reach 1,000 oil barrels per day, in addition to the one million feet of natural gas produced daily. Preliminary reserves are estimated at 250 million barrels, subject to increase. The "east of Gabal al-Zeit area" is affiliated to Vega Petroleum in Ras al-Esh area. Such recent positive outcomes have encouraged the British Company to resume its investment programs in its areas of privilege in Egypt, especially in the Gulf of Suez.

Source: Egypt Independent November 26, 2016 12:20 UTC