Agiba Petroleum to Have a New Oil Discovery

Agiba Petroleum to Have a New Oil Discovery

An official source at Agiba Petroleum Company stated exclusively to Egypt Oil&Gas that the company has drilled new exploratory well Rosa N 1X in its Meleiha concession area in Western Desert.  The new well is going to increase Egypt’s oil reserves, especially after discovering an oil resources in a new layer in Ras El Qatara, which has not been reached before. This exploration will encourage other oil companies to search, explore and dig deeper wells in order to reach deeper strata.

Furthermore, the discovery of oil in the new layer with a thickness of 50f can produce 600b/d of oil and 1mcf/d of gas.  The company also discovered two additional layers. The first stratus is in Alam Elbueib with a thickness of 98f, which can produce up to 3153b/d of oil and 6.7mcf/d of gas. Meanwhile, the second layer is in Al Safa with a thickness of 122f and can produce up to 2120b/d of oil and 7mcf/d of gas.

Accordingly, the potential underground oil reserve of the Rosa N 1X well reached 20mb , which have only 5mb of oil producible.


Dr. Mahinaz El-Baz 318 Posts

Mahinaz El Baz received her PhD degree in International Economics from Helwan University in 2022. She has +10 years of experience in journalism and economic analysis. She received the "Best Economic Article Award" in 2016 from CFA Society Egypt.


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