Egypt’s Agiba, Eni make largest Western Desert discovery in 15 years

Agiba Petroleum Company, a joint venture between the Egyptian General Petroleum Corporation (EGPC) and Eni, made its largest Western Desert oil and gas discovery in 15 years at the South Bostan 1X exploratory well, the Petroleum Ministry said Thursday.

Initial estimates indicate reserves of around 330 billion cubic feet of gas and 10 million barrels of condensate and crude oil, with total estimated reserves reaching around 70 million barrels of oil equivalent, according to a ministry statement.

The well was drilled using the EDC-9 rig operated by the Egyptian Drilling Company and encountered several gas-bearing sandstone and limestone reservoirs with a net productive thickness of about 400 feet.

The discovery is located around 10 km (6 miles) from existing facilities and infrastructure, which the ministry said would support rapid development and accelerate the connection of production to existing networks.

The ministry said the discovery reflects the impact of incentives offered to foreign partners to intensify exploration activity near existing producing fields, helping lower development costs and shorten production timelines.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser