Egypt’s Ministry of Petroleum announced a significant new oil discovery in the Western Desert on Tuesday.
The discovery was made in the West Fayum-1 area within the Kalabsha development region.
Initial testing of the well yielded a production rate of 7,165 barrels of oil per day, with an API gravity of 44 degrees, along with 23 million cubic feet of associated natural gas.
Earlier on Tuesday, the Ministry of Petroleum also revealed that the Egyptian Natural Gas Holding Company (EGAS) has launched a new international bidding round for the exploration and exploitation of natural gas and crude oil.
This round includes 12 blocks—10 offshore in the Mediterranean Sea and two onshore in the Nile Delta.
Egypt is working toward restoring its oil and gas production levels to normal by 2025, with the help of international partners.
The country is also striving to position itself as a regional hub for liquefied natural gas (LNG).
