Egypt’s Ministry of Petroleum and Mineral Resources said Agiba Petroleum Co., a joint venture between the Egyptian General Petroleum Corporation and Italy’s Eni, has made its largest discovery in 15 years in the Western Desert.
According to the Ministry, the discovery was made through the South Bostan-1X exploratory well, which was drilled by the Egyptian Drilling Co.
The ministry said preliminary estimates indicate about 330 billion cubic feet of gas and 10 million barrels of condensates and crude oil, with total resources estimated at about 70 million barrels of oil equivalent.
The discovery is about 10 kilometers from existing facilities and infrastructure, which could allow it to be connected to production systems in a short period, the ministry said.
The well found several sandstone and carbonate reservoirs with a net productive thickness of about 400 feet, according to the ministry. Officials said the results reflect the discovery’s economic and production value.
The ministry said the find reflects its efforts to encourage partners to expand exploration near existing fields and infrastructure. It said that approach can reduce production costs, speed up development and support newer data collection and analysis technologies to improve exploration results.
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