Petro Kareem will produce oil and gas from a lease within the North Zeit Bay concession, located onshore in the Gulf of Suez.

BBC: Dana Petroleum Egypt joint venture approved

Dana also announced it had bid successfully for a field block in the southern part of the Sinai Peninsula, east of the Gulf of Suez.

BBC: Dana Petroleum worker at North Zeit Bay operation

By Saturday morning, according to official Egyptian news agencies, armored military vehicles could be seen deployed throughout Suez, a city of about 500, 000 on the north coast of the Gulf of Suez.

CNN: STORY HIGHLIGHTS

Since bin Laden's death, jihadist forums have talked of attacks on shipping in the Strait of Hormuz at the tip of the Gulf, and in the Suez Canal.

CNN: STORY HIGHLIGHTS

Egypt has a lucrative industry from the shipping traffic in the Suez Canal, but it is concerned about shipping firms pursuing other routes to avoid the Gulf of Aden.

CNN: Red Sea nations condemn pirates, vow action