Egypt’s Agiba Petroleum makes its largest discovery in 15 years

Egyptian oil and gas E&P company Agiba Petroleum has made its largest oil and gas discovery in Egypt in 15 years, Egypt’s Ministry of Petroleum and Mineral Resources announced on Thursday.

The discovery was made in the Western Desert region via the Bastan South 1X exploratory well, drilled with a rig operated by Egyptian Drilling Company, which encountered sandstone and limestone reservoirs with a net productive thickness of approximately 122 metres.

Initial estimates place the discovered reserves at around 9.3 bcm (330 bcf) of gas and 10 million barrels of crude oil and condensates, for a total of approximately 70 million boe. With the find located only around 10 kilometres from existing facilities and infrastructure, it holds potential for fast-track development and connection to production.

Agiba Petroleum is a joint venture between Egyptian General Petroleum Corporation and Eni. Its operations are centred in the Western Desert, including the Meleiha area, where Eni operates upstream assets.