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Oil discovery made in Egyptian waters

Oct. 16, 2012 at 9:04 AM   |   Comments

KUWAIT CITY, Oct. 16 (UPI) -- Independent oil and gas explorer Kuwait Energy announced it made an oil discovery in the Egyptian waters of the Gulf of Suez.

Kuwait Energy announced it discovered oil in the Ahmad-2 well of the Area A license in the Gulf of Suez. The independent company said the initial test of the well yielded around 1,300 barrels of oil per day.

Sara Akbar, the company's chief executive office, said in a statement the region is now "our largest producing oil asset in Egypt and we look forward to more successes."

The U.S. Energy Department's Energy Information Administration states that natural gas is expected to be a primary driver of the country's energy sector in the coming years. Egypt is described as a "significant" oil producer, though the country struggles to meet domestic energy demand.

Kuwait Energy said its operations in Egypt make up the largest share of its production. The Gulf of Suez oil discovery is the company's fifth in the area since 2008.

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