Kuwait Energy finds oil in Egypt's desert

Reuters
1 Min Read

Kuwait Energy Company said on Sunday it struck oil in a field in Egypt’s Western Desert.

The privately held company said in a statement the find in East Ras Qattara field was its seventh in Egypt and fourth in that field.

The new well produced up to 1,600 barrels per day in a short-term production test, the company said.

"We believe there are more opportunities to be explored in Egypt as we work closely with the Egyptian government and our partners," Kuwait Energy’s chief executive, Sara Akbar, said in the statement.

The company has a 49.5 percent working interest in East Ras Qattara, which it acquired in March 2008.

Share This Article
Follow:
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms.