Arab Finance: Agiba Petroleum Company, a joint operating venture between the Egyptian General Petroleum Corporation (EGPC) and Italy's Eni, has made a new discovery in the Western Desert, according to a statement.

The discovery, the largest for the company in the last 15 years, was achieved through the exploratory well Bustan South 1X.

Initial estimates indicate the presence of approximately 330 billion cubic feet of gas and 10 million barrels of oil condensate and crude oil, totaling 70 million barrels of oil equivalent.

Located only 10 kilometers from existing facilities and infrastructure, the discovery will accelerate rapid development and connection to production.

The well exposed several sandstone and limestone reservoirs with a net productive thickness of 400 feet, highlighting the economic and production potential of the discovery.

This aligns with the Ministry of Petroleum and Mineral Resources’ efforts to intensify exploration and research operations in areas adjacent to existing fields. This approach aims to maximize resource utilization while minimizing infrastructure costs by leveraging established production hubs.

In addition, the government’s strategy aims to reduce the cost per produced barrel, accelerate field development cycles, and put them on the production map.

Last January, Agiba Petroleum completed the drilling of two new wells, Dorra-36 and West Yasmine-3, to boost production within its concession in the Western Desert.