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FINANCIAL NEWS
Kuwait Energy finds new crude quantities in Egypt’s Gulf of Suez
16 Oct 2012
(MENAFN) Kuwait Energy stated that it discovered new oil quantities in Ahmad-2 well in Egypt’s Gulf of Suez, reported Arab Times.
The independent oil and gas exploration and production company, which is the operator of the Area A license under a service contract with Egypt’s General Petroleum Company (GPC), said that the discovery is the fifth exploration success in the Area A concession, and the 19th discovery in Egypt for the company since 2008.
CEO, Sara Akbar,stated that the Ahmad-2 well encountered oil in the Rudeis formation for the first time in the Shukheir North West field and Ahmad area, and preliminary tests showed an output flow rate of 1,300 barrels of oil per day (bopd).
It is worth noting that Kuwait Energy has a 70 percent working stake in the Area A license, whereas Oman’s Petrogas E&P holds the remaining 30 percent.
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