Kuwait Energy announces seventh oil discovery in Egypt

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Kuwait Energy Company, one of the fastest growing independent oil and gas exploration and production companies in the Middle East, today announced it has discovered oil in the East Ras Qattara (ERQ) field in the Egyptian Western Desert, which is operated by Sipetrol. The discovery is the company’s seventh in Egypt and the fourth in ERQ.

The Diaa -1 well encountered oil in February 2010 in the Upper and Lower Bahariya formations and in the Kharita formation at a depth of approximately 10,700-12,000 feet.  The well produced up to 1,600 barrels of oil per day (bopd) in a short-term production test from the Kharita formation. 

KEC’s Deputy Chairman and CEO, Sara Akbar, said:  “The new discovery is another milestone in Kuwait Energy’s successful exploration and development of the East Ras Qattara field.  We believe there are more opportunities to be explored in Egypt as we work closely with the Egyptian Government and our partners.”

Presently two additional exploration wells are being drilled on the ERQ concession.  Kuwait Energy has a 49.5% working interest in ERQ which was acquired in March 2008 through the acquisition of Oil Search’s assets in Egypt and Yemen.