Egypt’s Ageeba hits three-year high in oil output, ministry says

Egypt’s Ageeba Company reached its highest oil production in three years in December, averaging around 32,000 barrels per day, the petroleum ministry said on Monday, attributing the boost to intensified operations and investments by its Italian partner, Eni.

The output increase was driven by new drilling and advanced technologies in the Western Desert, including results from recent seismic surveys. The latest two wells in the Masajid Carbonate formation produced about 12,000 barrels of oil equivalent per day, while cumulative output since October 2024 from the Iris-1XST discovery well reached 2 million barrels of oil and 4.8 billion cubic feet of gas.

Ageeba has drilled ten wells to date, including Arcadia 27-ST, Arc 28, and Iris 2, 3, 4, 5, 7, 8, and Iris 3-ST, with drilling operations ongoing.

In addition, a development project in South West Meliha, where six shallow wells were drilled over the past 18 months, contributed around 2,800 barrels per day. Production from the Jasmine 8-ST well in the Jasmine area began at the end of November, adding roughly 1,000 barrels per day.

The ministry said the sustained output reflects Egypt’s ongoing efforts to boost domestic oil production through foreign partnerships and technological investment.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser