Kuwait Energy reports new oil find in Egypt

oil-well---newKuwait Energy has announced its fourth oil find in Egypt’s Area A concession in the Gulf of Suez

The West Ahmad-1X well encountered oil in the Kareem formation and initial tests showed a production flow rate of 1,250 barrels of oil per day (bopd), the company said in a statement.

This is the company's fourth oil discovery in the Area A concession and the 17th discovery in Egypt since 2008.

Kuwait Energy chief operations officer, Mohammad Alhowqal, said, “This is another great success in a mature field that has been producing since 1960.

“Our new oil discoveries in Area A have significantly increased gross production in the area from 2,800 to 7,250 bopd since commencing operatorship in 2008.”

Kuwait Energy operates the Area A concession, in which it holds a 70 per cent working interest, on behalf of license holder Egyptian General Petroleum Corporation.

The remaining interest in the concession, which is located in Gulf of Suez next to the Shukheir North West Field, is held by Petrogas E&P, Oman.

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