(MENAFN - Kuwait News Agency (KUNA)) Kuwait Energy and its main partner in Egypt, the Egyptian General Petroleum Corporation, announced Wednesday that they have begun production of oil and gas condensate in four wells within the Abu Sennan concession.
The announcement follows successful exploration activities over the last eight months at the Abu Sennan concession area in the Western Desert.
Commercial production commenced with a total production flow rate of 2,200 barrels of oil equivalent per day (boepd) across four wells; ZZ-4, Al Ahmadi-1, Al Jahraa-1X, and El-Salmiya-1 wells.
Production flow was successful at the level of the Bahriya formation, the Abu Roash "G", Abu Roash "E", and Abu Roash "C" formations, the company statement said.
Chief Executive Officer Sara Akbar said, "This is a great milestone for Kuwait Energy in Egypt as it represents first production from the Abu Sennan concession and is a result of the four discoveries achieved over the last year.
"The Abu Sennan concession has yielded discoveries resulting in three development leases being granted within the concession yielding finds to date, and we look forward to starting our development activities for these leases." Kuwait Energy is the operator of the concession and holds a 50 percent working interest. The remaining working interest is held by Beach Petroleum (Egypt) Pty Ltd which holds a 22 percent working interest, and Dover Investments Limited with a 28 percent working interest.
The Company had announced the discoveries of ZZ-4 and Al Ahmadi-1 wells in August 2011, the discovery of Al Jahraa-1X well in February 2012, and El Salmiya-1 well in March 2012.
Kuwait Energy started operating in Egypt in 2008 and its operations there contribute the largest share to the Companys current total working interest production.
The Company operates three oil blocks, Area A, Burg El Arab development lease, and the Abu Sennan concession in Egypt, and has interests in two other non Company-operated blocks, namely the Mesaha concession and the East Ras Qattara development lease.
Kuwait Energy is one of the few independent oil and gas exploration and production companies operating in the Middle East, It has been profitable since inception in 2005, and currently operates in Egypt, Iraq, Yemen, Oman, Ukraine, Latvia, Russia, and Pakistan.
Kuwait Energys working interest proven and probable reserves at year end 2011 were 235.3 million barrels of oil equivalent and its current production has reached approximately 17,500 barrels of oil equivalent per day.