Egypt announces new oil discovery in Sinai

Belayim Petroleum Company has made a new oil discovery in Sinai, the Ministry of Petroleum announced on Friday.

The head of Belayim Petroleum Company, Medhat al-Sayyed, said the output of the newly discovered well already reached 2270 barrels of crude oil per day.

Production started immediately after the well was detected, said Sayyed.

The find was discovered 40 km south of Abu Rudais City in South Sinai after drilling at a depth of 3.12 meters under about 2734 kilometers from the beach, Sayyed said in a report he submitted to the Minister of Oil Abdullah Ghorab.

The estimated new reserves resulting from the discovery are estimated at 5.5 million barrels of crude oil, said a press statement issued by the Petroleum Ministry on Friday.

The most recent oil discoveries in Sinai were made nearly 55 years ago.