Kuwait Energy, one of the fastest growing independent oil and gas exploration and production companies in the Middle East, has announced a major production increase at the East Ras Qattara concession in Egypt, in which the company has a 49.5 per cent stake.
Following the completion of drilling of the Shahd-3 Development Well at the ERQ Concession, an initial [gross] production rate for the well of 4,300 barrels of oil equivalent per day (bpd) was recorded. This increased the [gross] field production for ERQ to 17,000 bpd.
Further to this, the [gross] daily production rates are expected to exceed 20,000 bpd by the end of the second quarter of 2013.
Located in the Western Desert, Egypt, ERQ is the company’s largest producing asset. The concession has 15 producing wells and three wells under development.
Commenting on the success, Mohammad Alhowqal, the chief operations officer of Kuwait Energy, said, "This positive result means that East Ras Qattara is now our largest producing oil asset. We look forward to more successes at this asset together with our partner Sipetrol.”
According to him, the Kuwaiti firm has been profitable since inception in 2005, and currently operates in Egypt, Iraq, Yemen, Oman, Ukraine, Latvia, Russia and Pakistan.
"Kuwait Energy’s working interest proven and probable reserves at the end of 2011 were 235.3 million barrels of oil equivalent and its current production has reached approximately 22,000 bpd," he added.-TradeArabia News Service