Kuwait Energy announces two new oil discoveries in Egypt

Kuwait Energy Company, one of the fastest growing independent oil and gas exploration and production companies in the Middle East, today announced two new oil discoveries in the East Ras Qattara (ERQ) concession located in Egypt’s Western Desert, bringing the company’s total number of discoveries in Egypt, since 2008, to 11.

Kuwait Energy holds a 49.5% participation interest share in the ERQ concession where Enap Sipetrol, a subsidiary of ENAP, a Chile-based oil and gas company, is the operator with a 50.5% participation share.

The oil discoveries were made in the wells, Shebl-1 and Shebl East-1. Shebl-1 was drilled to a depth of 4,400 meters and initial tests showed a production flow of 600 barrels of oil per day (bpd). Shebl East-1 was drilled to a depth of 4,100 meters and initial tests showed a production flow of 1,500 bpd.  

Kuwait Energy Deputy Chairman and Chief Executive Officer, Sara Akbar, said: “Eleven discoveries in Egypt over a three year period  is very pleasing and I am looking forward to the results of our other 2011 exploration wells in Abu Sennan and Area A.  We thank the Egyptian government and our partners for their ongoing support of our Egyptian activities.”

Kuwait Energy participates in five concessions in Egypt (Area A, Abu Sennan, Burg El Arab, East Ras Qattara and Mesaha), holds interest shares ranging between 15% and 75%, and is the operator in three of the five concessions. In addition to its Egyptian assets, Kuwait Energy’s portfolio includes oil and gas assets in: Iraq, Yemen, Oman, Ukraine, Latvia, Russia and Pakistan.