The Ministry of Petroleum and Mineral Resources announced that Agiba Petroleum Company, the joint venture between the Egyptian General Petroleum Corporation (EGPC) and Eni, has achieved a significant new discovery in the Western Desert, representing the company's major discovery over the past 15 years.
The Ministry announced that the discovery was achieved through the South Bostan-1X exploratory well, drilled using the EDC-9 rig operated by the Egyptian Drilling Company (EDC). Preliminary estimates indicate reserves of approximately 330 bcf of gas and 10 million bbl of condensates and crude oil, with total estimated recoverable reserves reaching 70 million bbl of oil equivalent.
The significance of the new discovery is further enhanced by its proximity to existing facilities and infrastructure, being located just 10 kilometers away, which will enable its rapid development and swift tie-in to the production network.
The well encountered multiple sandstone and limestone reservoirs, with a net pay thickness of 400 feet, highlighting the discovery's strong economic potential and production significance.
The new discovery reflects the success of the Ministry of Petroleum and Mineral Resources' efforts and the incentives introduced to encourage partners to intensify exploration activities in areas adjacent to existing fields. This approach has facilitated the identification of new discoveries in close proximity to established infrastructure and production facilities, eliminating the need for significant new infrastructure investments. As a result, development costs are reduced, time to first production is accelerated, and operating efficiencies are enhanced. The initiative also encourages partners to deploy advanced data acquisition and interpretation technologies, thereby improving exploration success rates and unlocking additional resource potential.
