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New oil field in Egypt

New oil field in Egypt
Kuwait Energy announced the discovery of a new oil field, Al Zahraa, in East Ras Qattara (ERQ) in Western Desert, Egypt.

Kuwait Energy announced the discovery of a new oil field, Al Zahraa, in East Ras Qattara (ERQ) in Western Desert, Egypt.

Kuwait Energy, one of the largest private exploration and production companies in the Middle East, Friday announced the discovery of a new oil field, Al Zahraa, in East Ras Qattara (ERQ) in Western Desert, Egypt, with a daily production rate of 2,615 barrels of oil. Kuwait Energy"s share and working interest of the field is 49.5%. The East Ras Qattara Concession was acquired in March 2008; this concession is operated by Sipetrol.

This is Kuwait Energy"s fourth discovery in Egypt since the start of its exploration program in the country in 2006. The company presently has ten exploration and production blocks in five areas in Egypt, and had recently announced the discoveries of Shukheir NW, Shahd SE and Rana SE oil fields located respectively in Area A and East Ras Qattara.

Kuwait Energy COO Mr. Mohamad Al-Howqal said: ?Our continued discoveries in Egypt are the result of our team"s ability to employ cutting edge technologies in an area where others have been less successful in their search. We are very proud of our team and of their Egypt discoveries to date.?

As of 2006, Kuwait Energy Company has been operating in Egypt through several joint ventures. Kuwait Energy has significantly increased its production in Egypt since the start of the year thanks to its exploration discoveries and five development wells. Kuwait Energy has a total of five exploration wells and five development wells scheduled for drilling during the second half of the year.

www.TurkishMaritime.com.tr

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