Kuwait Energy announced that it discovered a new oilfield in the Egyptian western desert; Borg El Arab field is considered the company’s fifth consecutive discovery since last year.
The field gave out 280 barrels per day (bpd) in the preliminary tests of high intensity (ABI 33) without using water, said Deputy Chief Executive Officer and Managing Director of the company Sarah Akbar in a statement.
Akbar added that this discovery comes following two months of turning the operation concession of Borg El Arab area from the State owned Gharib Oil Services Company to the Kuwait Energy Company which now owns 25 percent as an extra quota making its operational quota increase to 75 percent compared with Gharib company that currently has 25 percent of the operational quota.
“This is an achievement made by both Kuwait Energy and Egypt,” said Akbar in the press release, and she stressed on the continuity of development, exploration and production operations. She also expressed her appreciation for the company’s working team in Egypt who worked hard for making such remarkable successes drawing upon their high technical expertise.
Kuwait Energy, the non state company that was founded in 2005 as an independent entity for exploring and producing oil and natural gas in the Middle East and North Africa, expects some more promising discoveries in Borg El Arab, whether in the areas where there is actual production or in the deep layers of the Jurassic era.
The firm previously stated that it’s committed to investment in the safety, health and environmental affairs in its processes as a year of work went by in Egypt without any accidents.
It’s worth mentioning that Kuwait Energy holds a 75% stake in the field, and has 42 branches in eight countries including Egypt, Oman, Russia, as well as the operational rights in 14 branches including Egypt, Yemen, Ukraine, and Latvia.