EGYPT

Arco Makes Heavy Oil Discovery in Suez Gulf

Arco Petroleum has made a discovery of heavy crude oil with a rating of 10-11° API in its concession area on the west coast of the Gulf of Suez northwest of the Egyptian state-owned General Petroleum Company's Ras Bakr and Rahmi fields. No test production rate has been released and the discovery is now being evaluated for commercial production. The discovery, made at a shallow depth of 500-800 ms., is conveniently located close to...