According to the company, the Egyptian Red Sea may contain 5 Bbbl of undiscovered but recoverable oil and 112 tcf of natural gas (based on findings from a 2010 report by the US Geological Survey). Since 1976, more than 27,000 km (16,777 sq mi) of 2D and 4,000 sq km (1,544 sq mi) of 3D seismic have been acquired across the region, while 12 test wells have been drilled on several concessions. These surveys have been either calibrated or reprocessed ahead of the licensing round. TGS added that activity in the Gulf of Suez has proven the effectiveness of pre- and syn-rift petroleum systems, while offshore Saudi Arabia exploration has confirmed the presence of post-salt plays. (…)