The petroleum ministry announced an oil exploration at East Gabal El Zeit area in the Gulf of Suez, which will produce 1,000 barrels of oil and one million cubic feet of natural gas per day. 

The discovery's initial reserves stand at about 250 million barrels and are expected to jump, according to a report submitted to Petroleum and Mineral Resources Minister Tarek El Molla.

The British company Vega Petroleum Limited is now conducting testing services at the oil well by drilling 120 feet in accordance with the geological map of the area. 

The report said the well's production is expected to reach 3,000 barrels daily.