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FINANCIAL NEWS
Kuwait Energy announces new oilfield discovery in Egypt
03 May 2010
(MENAFN) The Kuwait Energy Company announced that it has discovered an oil field in Ras Qattarah block in the Egyptian Western desert, the company’s seventh discovery, QNA reported.
Kuwait Energy’s Deputy CEO, Sarah Akbar, said that the oilfield was located in Diah-1 well where drilling started last February. This discovery is the seventh of its kind by the company and the fourth in this field since March last year.
According to the preliminary tests, the field gave out 1,600 barrel per day (bpd). Akbar said that the firm hopes for further discoveries in the Egyptian desert.
Kuwait Energy’s share in the Eastern Ras Qattarah stands at 49.5 percent, after the company, in March 2008, acquired Oil Search Co in Egypt and Yemen.
It is worth mentioning that Kuwait Energy is non-state independent entity for exploring and producing oil and natural gas in the Middle East and North Africa.
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