Global Arab Network | Kuwait Energy Company finds a new oilfield in Egypt

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Kuwait Energy Company finds a new oilfield in Egypt

Sunday, 07 March 2010 17:52

The Kuwait Energy Company has announced the discovery of a new oilfield in the Egyptian western desert in what is considered the fifth consecutive discovery since last year.

Deputy Chief Executive Officer (CEO) and Managing Director of the company Sarah Akbar said in a press statement today that the field gave out 280 bpd in the preliminary tests of high intensity (ABI 33) without using water.

Further, Akbar expected some more promising discoveries in Borg Al-Arab sector whether in the areas where there is actual production or in the deep layers of the Jurassic era.

She also asserted that this discovery comes following two months of turning the operation concession of Borg Al-Arab area from the State-owned Gharib Oil Services Company to the Kuwait Energy Company which now owns 25 percent as an extra quota making its operational quota increase to 75 percent compared with Gharib company that currently has 25 percent of the operational quota.

Akbar also pointed out that this new find is an achievement made by both Kuwait Energy and Egypt, stressing the continuity of development, exploration and production opertaions and expressing her appreciation for the company's working team in Egypt who worked hard for making such remarkable successes drawing upon their high technical expertise.

She went on to say that the Kuwait Energy Company maintains its plans of expansion on oil exploration and production in the Middle East along with its full commitment to investment in the safety, health and environmental affairs in its processes as a year of work went by in Egypt without any accidents.

It is worthy of note that Kuwait Energy is non-state company that was founded in 2005 as an independent entity for exploring and producting oil and natural gas in the Middle East and north Africa and it is today one the most growing companies in the Middle East.

The company owns 42 branches in eight countries including Egypt, Yemen, Oman, Ukraine, Latvia, Russia, Pakistan, Cambodia as well as the operational rights in 14 branches including Egypt, Yemen, Ukraine, Russia and Latvia. (KUNA)

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