Kuwait develops oil well in Egypt

Kuwait Energy has developed an oil well in Ras Qatara in Egypt increasing its output to 4,300 barrels per day, the company said in a statement on Saturday. Overall output of the crude at Ras Qatara, extracted by the investing company, has reached 17,000 per day. The company has concession for extraction of oil from 15 operating wells. Three other wells are under development. Mohammad Al-Hoqal, in charge of operations at Kuwait Energy, said in statement that the Ras Qatara secures bulk of the company output. Ras Qatar concession is located in the western desert of Egypt. Kuwait Energy's operational stake amounted to 49.5 percent. The total output is forecast to reach 20,000 pd by the year-end.