Kuwait Energy, a privately-owned oil and natural-gas company operating in the Middle East and the former Soviet Union, has made an oil well discovery in the Western Desert in Egypt, the firm has said.
The Kuwait-based company said the Al Jahraa-1X well is located in the Abu Sennan exploration concession, which it operates and holds a 50 percent working interest in. Commercial production is expected to start following regulatory approvals from the Egyptian government, said Kuwait Energy.
The oil discovery marks Kuwait Energy’s fifteen in Egypt and its third in the Abu Sennan concession.
“The Abu Sennan concession is highly prospective, and we look forward to continue optimizing its potential through our planned exploration and development activities over the year. The new find is a further contribution to the production capacity of the Egyptian energy sector,” Sara Akbar, deputy chairman and CEO of Kuwait Energy, said in a statement.
Kuwait Energy in July said it may list its shares exclusively in London after Qatar First Investment Bank bought a $16m stake in the firm.
“We hope before the end of the year” the IPO will take place, Akbar told reporters at a press conference.
Kuwait Energy, which recorded net income of $29.1m and sales of $141.8m in 2010, has exploration and production licenses in nine countries including Egypt, Yemen, Oman and Russia, and proven and probable reserves of oil and gas of 48.8 million barrels oil equivalent.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.