Arab Finance: Agiba Petroleum Company, a joint venture (JV) between the Egyptian General Petroleum Corporation (EGPC) and Italy’s Eni, discovered a new field of Arcadia West in the Western Desert, according to a statement.

The new field was immediately placed into the company’s production map.

This aligns with the ministry’s first strategic pillar, which aims to increase oil and gas production and reduce import costs.

Drilling operations in the Arcadia-28 well led to the discovery of a high-quality reservoir, yielding an initial production rate of 2,500 barrels of oil equivalent per day.

The Arcadia West discovery marks a milestone for the company’s ambitious strategy to expand exploration near existing production areas. It doubles the chances of replicating this successful model.

The discovery follows the company’s discovery of the Iris field last March, which holds a production capacity of 7,500 barrels of oil equivalent per day.

Supported by a 3D seismic survey, this discovery reflects the successful integration of the latest geoscience technologies with operational expertise.

Earlier on June 30^th, Minister of Petroleum and Mineral Resources Karim Badawi reviewed Agiba Petroleum’s plans and latest developments in oil and gas exploration and production.

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