Kuwait Energy Finds Black Gold in Egypt's Western Desert
The Kuwait News Agency (KUNA) reported that Kuwait Energy Company, one of the largest independent E&P companies in the Middle East, has announced a new oil discovery in the East Ras Qattara (ERQ) Field, located in Egypt's Western Desert. The company estimates a daily production capacity of 5,285 barrels of oil and unproven reserves of 3.460 million barrels.
Kuwait Energy acquired the ERQ Field in April 2008 with its 100% takeover of Oil Search Middle East and North Africa for US $200 million.
According to Sara Akbar, the company's deputy chairman, oil was found in the Rana and Shahed wells, both of which are located 70 kilometers and 100 kilometers, respectively, from Giza. This discovery is the first in Egypt for Kuwait Energy since 2006.
Established in 2005 as a non-governmental company, Kuwait Energy holds five exploration assets in Egypt, three of which are producing assets, a total of 19 exploration blocks in seven countries and operates 10 fields in four countries across the Middle East, Eastern Europe and Pakistan.