Kuwait Energy strikes oil in Egypt

22 October 2014

CEO says find has potential to boost daily production levels

Salmiya-headquartered Kuwait Energy Company, a subsidiary of the Zahra Group, has discovered oil at its Abu Sennan concession in Egypt’s Western Desert.

Kuwait Energy is the operator and has a 50 per cent stake in the concession, while the US’ Dover has a 28 per cent stake and Australia’s Beach Energy has a 22 per cent stake.

The well was tested successfully over the Abu Roash “E” and Abu Roash “C “ reservoirs, with flow rates achieved of 1,604 barrels a day (b/d) and 2,164 b/d respectively, according to a statement released on 22 October.

The discovery is Kuwait Energy’s seventh exploration success in the Abu Sennan concession and its 23rd discovery in Egypt.

Commenting on the find, Sara Akbar, CEO of Kuwait Energy, said the discovery “has the potential to add to our reserves and daily production levels”.

As of 31 May, Kuwait Energy’s working interest proven and probable reserves were 165.7 million barrels of oil equivalent (boe) and its production was about 25,069 boe a day at the end of June.

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