Significant oil discovery announced in Egypt

CAIRO: Khalda Petroleum Company, operating in the Kalabsha Development Area of the Egyptian Western Desert, announced a new oil discovery in the West Fewebs-1 area. The well was tested by drilling 270 feet into the Paleozoic sands, and the recovery on a 1-inch production opening was 7,165 barrels of oil per day with a quality of 44 degrees and 23 million cubic feet of associated gas. Electrical logs of the well confirmed the presence of hydrocarbon indications in the Paleozoic component with a total net thickness of 462 feet. In the meantime, Egyptian Minister of Petroleum and Mineral Resources Karim Badawi has announced a new set of incentives aimed at increasing oil and gas production during an extensive meeting with important partners in the sector. These incentives include new mechanisms that are associated with achieving an increase in production beyond the current rates, as well as an increase in exploratory, developmental drilling activities and production operations. This will result in allocatin g the revenue generated from the increased production to settle part of the dues owed to the petroleum sector's partners and provide additional petroleum to narrow the gap between local production and consumption. Source: Emirates News Agency