Privately-held Kuwait Energy Company has struck oil at the Al Zahraa oilfield in Egypt.
Oil flowed from the Al Zahraa oilfield at the rate of 2615 barrels per day. Kuwait Energy holds a 49.5% stake in the oilfield, it said in a statement yesterday.
The discovery was in the East Ras Qattara Block, and was the company’s fourth since it started exploring in Egypt in 2006. Kuwait Energy has ten exploration and production blocks.
The company has projects in Oman, Yemen, Egypt, Russia, Ukraine, Latvia, Pakistan and Cambodia. It plans to go public by the end of next year, reported Reuters.