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FINANCIAL NEWS
Kuwait Energy makes 5th oil finding in Area A in Egypt
20 Oct 2012
(MENAFN) Kuwait Energy, the largest independent energy firm in Kuwait, has disclosed new oil finding in the Gulf of Suez, Egypt, Arabian Business reported.
The Ahmad-2 well encountered oil in the Rudeis formation for the first time in the Shukheir North West field and Ahmad area, Kuwait Energy said in a statement.
It added that initial tests showed a production flow rate of 1,300 barrels of oil per day (bpd).
This is the fifth exploration success in the Area A concession, which Kuwait Energy operates under a service agreement with Egypt’s General Petroleum Company (GPC).
Kuwait Energy holds a 70 percent working interest in the licence, with the remaining 30 percent interest held by Oman-based Petrogas E&P.
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