Cairo: The Ministry of Petroleum and Mineral Resources announced a significant discovery by Agiba Petroleum Company, a joint venture between the Egyptian General Petroleum Corporation and Eni, in the Western Desert. This marks the company's largest discovery in the past 15 years.

According to State Information Service Egypt, the discovery was made through the exploratory well "Bastan South 1X," drilled with a rig operated by the Egyptian Drilling Company. Initial estimates indicate reserves of approximately 330 billion cubic feet of gas and 10 million barrels of condensate and crude oil, totaling an estimated 70 million barrels of oil equivalent.

The ministry emphasized the significance of the discovery's location, situated just 10 kilometers from existing facilities and infrastructure. This proximity will enable rapid development and connection to production in a relatively short timeframe. The well uncovered several sandstone and limestone reservoirs with a net productive thickness of 400 feet, showcasing its economic and production significance.

The ministry highlighted that the discovery underscores the success of efforts by the Ministry of Petroleum and Mineral Resources. These efforts, coupled with incentives offered to partners, have intensified exploration and research activities in areas near existing fields. This approach facilitates new discoveries without the need for new infrastructure, thereby reducing production costs and accelerating the integration of discoveries into the production map. Additionally, partners are encouraged to apply the latest data collection and analysis technologies to improve exploration success rates.