Kuwait Energy announces Egyptian discovery

KUWAIT ENERGY: Another find confirmed in Egypt. (Getty Images)

Kuwait Energy Company (KSCC) announced on Wednesday a new oilfield discovery in Area A (Shukhair NW) Egypt, with a daily production rate of 2,200 barrels of oil, and expected reserves of 11 million barrels of oil.

A KSCC statement said the company's share and working interest in the field is 70 percent.

KSCC Vice Chairman and CEO Sara Akbar said this is the company's second find in Egypt following the discovery of the Rana SE and Shahad SE oilfields, announced on April 30.

"We're very excited about our second discovery in Egypt. Like the oil fields Rana SE and Shahad SE, Shukhair was also part of the assets purchased from Oil Search Mena in 2008.

''We have more exploration activities in Egypt at the moment, and we expect more discoveries in the future''' she added.

Currently the company produces over 10,000 barrels of oil equivalent per day and at the end of 2008 had proven reserves of 43.5 million barrels of oil equivalent.

It has 19 exploration blocks in seven countries, 10 producing assets in five. It also operates 10 fields in four countries.

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