New Oil Discovery in Egypt’s Western Desert: A Game-Changer for Production

Khalda Petroleum Company announced a significant oil find in Egypt's Western Desert, with a well yielding 7,165 barrels per day. The discovery comes alongside new incentives aimed at boosting oil and gas output, unveiled by Egyptian Minister of Petroleum Karim Badawi in collaboration with key industry partners.

Khalda Petroleum Company has announced a significant oil discovery in the West Fewebs-1 area within Egypt's Western Desert. The well, drilled 270 feet into the Paleozoic sands, boasts an impressive recovery rate of 7,165 barrels of oil per day and 23 million cubic feet of associated gas, all with a 44-degree quality.

The discovery is confirmed by electrical logs that indicate hydrocarbon presence across a total net thickness of 462 feet in the Paleozoic component. In response, Egyptian Minister of Petroleum and Mineral Resources Karim Badawi revealed a series of new incentives aimed at ramping up oil and gas production. These measures were discussed during an extensive meeting with key sector partners.

Among the new initiatives are mechanisms designed to enhance production beyond current rates, and to boost exploratory and developmental drilling activities. The revenue generated from increased production is earmarked to settle dues owed to partners and to bridge the gap between local production and consumption.

(With inputs from agencies.)