Kuwait energy announces oil discovery in Egypt's Western desert

Kuwait Energy announced Wednesday an oil discovery in its Salmiya-II well in Abu Sennan concession in Egypt's Western desert. The Samliya-II well encountered oil in Kharita Formation and initial tests showed a production flow rate of 3,530 barrels of oil per day (bpd), Kuwait Energy, one of the fatest growing independent oil and gas exploration and production companies in the Middle East, said in a statement. This is the sixth exploration success in the Abu Sennan concession and the 21st discovery in Egypt for Kuwait Energy since 2008. This is "another successful oil discovery in Egypt which we anticipate will contribute positively to both the company's production and reserve levels," Kuwait Energys Chief Executive Officer Sara Akbar said. "Our operations continue to flourish in Egypt, we enjoy a close working relationship with the EGPC and we are delighted to play our part in helping Egypt satisfy its domestic energy demand," she added. Kuwait Energy is the operator of the Abu Sennan concession and holds a 50 percent working interest. The remaining working interest is held by Beach Petroleum (Egypt) Pty Ltd., which holds a 22 percent working interest, and Dover Investments Ltd. with a 28 percent working interest with their main partner the Egyptian General Petroleum Corporation (EGPC). Kuwait Energy began operating in Egypt in 2008 and its operations there contribute to the largest share of the company's current total working interest production. In Egypt, the company operates three oil blocks -- the Abu Sennan concession, Area A and the Burj Al Arab development lease. It also has interests in two other non-company-operated blocks, namely the Mesaha concession and the East Ras Qattara development lease.