Egypt confirms reserves of at least 8mln barrels of oil in Gulf of Suez well

Egypt on Wednesday confirmed the discovery of oil reserves of at least 8 million barrels in the East Crystal-1 well in the Gulf of Suez, the petroleum ministry said. The exploratory well was drilled by UAE’s Dragon Oil via the Gulf of Suez Petroleum Company (GUPCO). GUPCO plans to drill two more wells, potentially adding ...