Egypt's Agiba Petroleum Announces Major Gas Strike in Western Desert

Egypt's Ministry of Petroleum and Mineral Resources has confirmed a major hydrocarbon discovery by Agiba Petroleum Company in the Western Desert region. The find represents the largest discovery for the company over the past 15 years.

The exploratory well, designated Bostan South 1X, was drilled using the Egyptian Drilling Company's EDC 9 rig. Preliminary assessments indicate the well contains approximately 330 billion cubic feet of natural gas alongside 10 million barrels of condensates and crude oil, with combined reserves valued at roughly 70 million barrels of oil equivalent.

A key factor enhancing the commercial viability of this discovery is its strategic location. The well lies just 10 kilometers from existing production infrastructure and operating facilities, positioning developers to accelerate development timelines and bring the field into production relatively quickly.

Geological analysis of the drilling results revealed multiple productive formations comprised of sandstone and limestone reservoirs. The net productive thickness of these formations reaches 400 feet, a dimension that substantially improves the economic prospects and production potential of the new field.