Egypt Announces New Oil Discovery in Western Desert

Egypt has revealed a new oil discovery in its Western Desert, according to the Ministry of Petroleum.

The ministry issued a statement on on Tuesday indicating that the find is located in the West Pheops-1 region within the Kalabsha Development Area of the Western Desert. The well underwent testing, revealing a production rate of 7,165 barrels of oil per day from a one-inch production hole, with an oil quality grade of 44 degrees and an output of 23 million cubic feet of associated gas.

The Ministry previously announced that the Egyptian Natural Gas Holding Company has launched a new international bidding process focused on the exploration and extraction of natural gas and crude oil across 12 specific blocks situated in the Mediterranean Sea and the Nile Delta area.

This initiative includes 10 offshore blocks and two onshore blocks. Egypt aims to stabilize its oil and gas production levels by 2025, working in partnership with international entities to position itself as a regional hub for liquefied natural gas.