SEATTLE (Oil Monster): Egypt has announced a new natural gas discovery in its Western Desert. The discovery was made by Badr El-Din Petroleum Company (BAPETCO), as part of the country’s ongoing efforts to boost domestic energy production and strengthen long-term energy security.
The new discovery is expected to add approximately 15 billion cubic feet (bcf) of natural gas to the country’s reserves, according to the Ministry of Petroleum and Mineral Resources. The new well is expected to deliver an initial output of around 15 million cubic feet of natural gas per day and approximately 500 barrels of condensate per day. The production is scheduled to begin by the end of the month.
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According to Khaled Abdelsalam, Chairman, BAPETCO, the company completed 40 hydraulic fracturing operations during the current fiscal year, which resulted in the addition of more than 10,000 barrels of oil per day and over 15 million cubic feet of natural gas per day to its production capacity.
Karim Badawi, Egypt’s Minister of Petroleum and Mineral Resources noted that the settlement of outstanding payments to foreign partners and the introduction of new incentives have boosted investor sentiment, thus helping the country attract additional investments. The increased domestic production is expected to reduce reliance on imported petroleum products and liquefied natural gas, he added.
