CAIRO: The Egyptian General Petroleum Corp. (EGPC) announced Friday an oil discovery from a well drilled at the end of January in Abu Sinan area in Egypt’s western desert, according to a Petroleum Ministry statement.
Any discovery would help meet growing energy demands in Egypt, which has been witnessing a sharp energy shortage over the past four years, causing daily power cuts, with the crisis taking a severe turn for the worse last summer.
“Recoverable reserves of this exploration are estimated at 2.2 million barrels of oil from the upper marine layer and about 11 billion cubic feet of gas from Abu Rawash sand layer (G),” said geologist Tahir Zafzaf, Chariman of EGPC.
The new discovery is a “special” one for the state-owned EGPC’s concession in western desert’s geological structures, as it gives higher potentials and possibilities of finding out petroleum reserves, the statement read.
As risk is retreated by this discovery, the EGPC will be encouraged to dig several wells in the similar layers to increase Egypt’s petroleum resources, support reserves and increase production of oil and natural gas.
Earlier last month, British Petroleum Egypt announced a new “important” deep-water gas discovery in Egypt’s Mediterranean North Damietta Offshore Concession, with estimated potential in the concession exceeds 5 trillion cubic feet (tcf) Bob Dudley, BP Group Chief Executive, said in a statement.