Agiba Petroleum achieves largest W. Desert discovery in 15 years

The Agiba Petroleum Company, a joint venture between the Egyptian General Petroleum Corporation and Italy’s Eni, has made a major new discovery in Egypt’s Western Desert—the company’s biggest in the past 15 years.   The discovery came from the exploratory well Bustan South 1X, where drilled by Egyptian Drilling Company’s rig EDC 9, the Ministry of Petroleum and Mineral Resources announced on Thursday. Initial estimates indicate reserves of about 330 billion cubic feet of gas and 10 million barrels of condensates and crude oil, totaling around 70 million barrels of oil equivalent.   The find is especially significant because it lies only 10 kilometers from existing facilities and infrastructure, allowing for rapid development and production. The well revealed multiple sandstone and limestone reservoirs with a net productive thickness of 400 feet, underscoring its economic and production potential.   This achievement reflects the success of Egypt’s petroleum sector in encouraging partners to intensify exploration near existing fields.  By leveraging current infrastructure, the approach reduces production costs, accelerates new discoveries onto the production map, and promotes the use of advanced data technologies to enhance exploration success. The post Agiba Petroleum achieves largest W. Desert discovery in 15 years appeared first on Egyptian Gazette.