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Kuwait Energy has announced an oil discovery at its El Salmiya-2 well, located in its Abu Sennan concession in the Western Desert in Egypt.
Private oil and gas exploration and production company Kuwait Energy operates the Abu Sennan concession and holds a 50 per cent working interest in it. The remaining working interest is held by Beach Petroleum (22 per cent) and Dover Investments Limited (28 per cent).
The company discovered oil in the Kharita Formation of the El Salmiya-2 well and initial tests showed a production flow rate of 3,530 barrels of oil per day (bpd).
This is Kuwait Energy's sixth exploration success in the Abu Sennan concession and its 21st discovery in Egypt.
Sara Akbar, Kuwait Energy's CEO, said: "I am very happy to announce another successful oil discovery in Egypt which we anticipate will contribute positively to both the company's production and reserve levels. Our operations continue to flourish in Egypt, we enjoy a close working relationship with the Egyptian General Petroleum Corporation (EGPC)."
Kuwait Energy began operating in Egypt in 2008 and its operations in the North African country contribute the largest share to the company's current total working interest production.
The company operates three oil blocks in Egypt: the Abu Sennan concession, Area A and the Burg El Arab development lease. It also has interests in two other blocks the Mesaha concession and the East Ras Qattara development lease.
Kuwait Energy operates in eight countries globally including Egypt, Iraq, Yemen, Oman, Ukraine, Latvia, Russia and Pakistan, and had proven and probable reserves of 221.6 million barrels of oil equivalent at year-end 2012.
Its current production stands at approximately 25,700 barrels of oil equivalent per day.
In July 2013 Kuwait pledged $4 billion to Egypt, including $1 billion in oil products.
The Begonia-1 discovery well produced 9.4 million cubic feet per day of gas and 133 barrels of condensate during initial test drilling.
The grades found in the fields were both light and heavy oil, with preliminary results showing "huge commercial volumes", KUNA said.
The recent drop in oil prices will not negatively impact the GCC's renewable energy projects, affirm experts.