Kuwait Energy on Wednesday announced the discovery of a new oil field in Egypt's Abu Sinan, an area near the borders with Libya.
"The successful tests in the well ASA-1 st3 on the Abu Sinan license disclosed the flow rates achieved of 1,604 barrels per day (bpd) and 2,164 pbd in Abu Roash "E" and Abu Roash "C" respectively," the statement said in a statement.
"This is the seventh discovery in Abu Sinan and the 23rd exploration in Egypt for Kuwait Energy since 2008," it added.
On the development level, the Company has successfully completed appreciation of the El Salmiya-6 well. The test results from the primary target, Kharita Sandstone, are 2,750 bpd and 9.7 MMscfd of gas on a daily basis, it pointed out.
Sara Akbar, CEO of Kuwait Energy, said, "this discovery is expected to increase our reservoirs and daily productions levels as Egypt continues to be a flourishing region for us." The Egyptian General Petroleum Corporation (EGPC) is the main partner of Kuwait Energy in Egypt.
Kuwait Energy, one of the fastest growing independent oil and gas exploration and production companies in the Middle East region, has 50 percent, Dover owns 28 percent and Beach Energy has 22 percent.
Kuwait Energy's reservoirs realize 165.7 million barrels of oil equivalent. Last June it realized more than 150,000 barrels of oil equivalent.