CAIRO: Kuwait Energy unveiled a new oil well in the Western Sahara, its fifteenth discovery in Egypt, the company said.
This is the third discovery for the company in the Abu Sennan exploration area where Kuwait Energy is the operator, holding a 50 percent working interest.
The remaining working interest in Abu Sennan belongs to Dover Investments Limited with a 28-percent interest, and Beach Petroleum (Egypt) pty Ltd with a 22-percent working interest.
"The Abu Sennan concession is highly prospective, and we look forward to continue optimizing its potential through our planned exploration and development activities over the year," Sara Akbar Kuwait Energy, Deputy Chairman and CEO said in an official press statement. "The new find is a further contribution to the production capacity of the Egyptian energy sector."
Named “Al Jahraa-1X,” the new well was drilled at 12,210 feet depth and showed commercial flow rates of 835 barrels of oil equivalent per day (boepd) in the early stage of testing for production, according to the company.
Commercial production for the new source is pending regulatory approval from Egypt’s government.
Kuwait Energy’s operations in Egypt currently provide the largest share to the company’s working interest production, constituting 17,000 barrels of oil equivalent as of year-end 2011, according to the company’s statement. This, however, excludes the gas and condensate discoveries made in Abu Sennan during August 2011.
The company currently operates three blocks in Egypt, which include Area A, in Burg El Arab development lease, the Abu Sennan concession, and two other areas of working interest in East Ras Qattara, which are the Mesaha concession and the Petroshahed development lease.
