Egypt strikes big with new oil deposit discovery

When you think of Egypt, you probably imagine ancient pyramids, old pharaohs, and endless deserts. However, that might change very soon with an unexpected discovery.

Egypt has discovered a promising oil field in the waters of the Gulf of Suez, which could change a lot of things for Cairo's economy and world status.

The UAE company Dragon Oil, in collaboration with the Gulf of Suez Petroleum Company (GUPCO), discovered this unexpected oil source

Early tests carried out at the deposit have yielded surprising and optimistic results: This could be one of the biggest oil deposits in the world.

Named the East Crystal-1 field, this well could eventually produce 2,000 barrels of crude oil per day, a remarkable number by itself.

However, some speculate that 30 meters deep, the number of daily oil barrels that could come from the oil well might go up to 5,000.

To give some perspective, the average output for a common well is between 1,000 and 3,000 barrels per day. This means that East Crystal-1 could double the most productive deposits.

Egypt's Ministry of Petroleum and Mineral Resources confirms that the country's goal is to achieve oil reserves of about 8 million barrels.

The discovery of East Crystal-1 could also mean a bigger output of Egyptian gas and oil production. This could reduce Cairo's dependency on other countries while increasing its clout in the energy sector.

In recent years, oil production has fallen so much that Egypt has even had problems meeting its daily supply of 540,000 barrels a day, something that could change with the discovery of East Crystal-1.

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