Kuwait Energy two new oil discoveries in Egypt

Latest discoveries bring firm's discoveries in Egypt to 11.

Sarah Akbar of Kuwait Energy. GETTY IMAGES
Sarah Akbar of Kuwait Energy. GETTY IMAGES

The Kuwait Energy Company, a privately-owned oil and gas exploration and production company, announced late yesterday two new oil discoveries in the East Ras Qattara field in Egypt’s Western Desert.

These latest discoveries bring Kuwait Energy's total number of discoveries in Egypt, since they began exploration in 2008, to 11.

Kuwait Energy has a 49.5% stake in East Ras Qattara, with the other 50.5% held by Chile's Enap Sipetrol, a subsidiary of ENAP.

The oil discoveries were made in the wells, Shebl-1 and Shebl East-1. Shebl-1 was drilled to a depth of 4,400 meters and initial tests showed a production flow of 600 barrels of oil per day (bpd).

Shebl East-1 was drilled to a depth of 4,100 meters and initial tests showed a production flow of 1,500 bpd.

Kuwait Energy Deputy Chairman and Chief Executive Officer, Sara Akbar, said: “Eleven discoveries in Egypt over a three-year period is very pleasing and I am looking forward to the results of our other 2011 exploration wells in Abu Sennan and Area A".

Kuwait Energy has benefited from ongoing support from the interim Egyptian government and suffered minimal disruption during the overthrow of Mubarak earlier this year.

Kuwait Energy participates in five concessions in Egypt: Area A; Abu Sennan; Burg El Arab; East Ras Qattara; and Mesaha, and operates three of these.

Kuwait Energy’s portfolio includes oil and gas assets in: Iraq, Yemen, Oman, Ukraine, Latvia, Russia and Pakistan.

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