Cairo: The exploration operations in the North Lotus Deep-1 well in Egypt’s Western Desert have yielded positive results, promising to add approximately 1,835 barrels of crude oil per day (b/d) and 7 million cubic feet of natural gas daily (mcf/d), equating to a total of 3,100 barrels of oil equivalent (boe), as per a press release from the Ministry of Petroleum and Mineral Resources (MoPMR).

According to Emirates News Agency, the new well, which belongs to Agiba Petroleum Company, a joint venture between the Egyptian General Petroleum Corporation (EGPC) and Italy’s Eni, is reported to have estimated reserves of about 5 million boe. The well has already been included on the production map, marking a significant milestone for the region’s energy output.

A significant breakthrough was achieved at the North Rosa field, where advanced horizontal drilling technologies led to a daily addition of approximately 7 million cubic feet of gas and 550 barrels of oil equivalent. This increase is a sixfold improvement compared to conventional production rates, the ministry noted.

Tharwat El Gendy, Agiba’s Chairman, highlighted that the company’s investments for 2024/2025 are projected at $404 million. El Gendy added that Agiba has maintained stable production rates, with an average crude oil output surpassing 26,000 b/d and natural gas production averaging 77 mcf/d, resulting in a total production exceeding 40,000 boe/d.

In addition, Francesco Gaspari, President of the International Egyptian Oil Company (IEOC), ENI’s subsidiary in Egypt, shared Eni’s optimistic view on the potential of the Western Desert. Gaspari emphasized the company’s dedication to expanding projects in this promising region, asserting that unlocking the potential of the Masajid formation will set the stage for further successful ventures.