LOC17:08
14:08 GMT
KUWAIT, Dec 17 (KUNA) -- Kuwait Energy Company has unveiled a new oil discovery in Egypt.
"I am delighted to announce this discovery at the East Ras Qattara," Sara Akbar, CEO of Kuwait Energy, said in a press release Wednesday.
The company said that the exploration well Shahd-4 on the East Ras Qattara development lease, located in the Northern Western Desert onshore Egypt discovered hydrocarbons in the Wadi El Natrun formation (Jurassic) formation.
It stated that "tests of the Wadi El Natrun formation achieved flow rates of 1275 BBLS/D of condensate with 51 API and 12.5 MSCF/D of gas on choke 32/64"; and 2400 BBLS/D of condensate and 25 MMSCFD on choke 64/64".
The company said that the new discovery is "very important" as it is the first time that the Jurassic formation is proven to be a hydrocarbon producer in the East Tiba Half Graben sedimentary basin.
"This discovery would also allow for further diversification of our production in Egypt from oil, gas and condensates," Akbar said.
Kuwait Energy holds a 49.5 percent revenue interest in the East Ras Qattara development lease, while the remaining 50.5 percent is held by the operating company Sipetrol.
Kuwait Energy, one of the few independent oil and gas exploration and production companies operating in the Middle East, has been profitable since inception in 2005, and currently operates in Egypt, Iraq, Yemen, Oman, Ukraine, Latvia, Russia and Pakistan,
Until 31 May 2014, Kuwait Energy's working interest proven and probable reserves were 165.7 million barrels of oil equivalent and its current production has reached approximately 25,069 barrels of oil equivalent per day as at 30 June 2014. (end)
osj.hb.ibi