A new oil field has been discovered in the Western Desert of Egypt.

According to a report by the Egyptian Oil and Gas Network on May 21st. The Egyptian Ministry of Petroleum and Mineral Resources announced the discovery of a new oil field in the Western Desert. The preliminary estimate shows that the natural gas reserves are approximately 330 billion cubic feet, the condensate and crude oil reserves are 10 million barrels, and the total reserves are about 70 million barrels of oil equivalent. The exploration well has identified multiple layers of sandstone and limestone reservoirs, with an effective production layer thickness of up to 400 feet, indicating significant production potential. The new oil field is only 10 kilometers away from the existing oil and gas production facilities, which provides favorable conditions for rapid development and production. This oil field was discovered by Agiba Petroleum Company, a joint venture between the Egyptian General Petroleum Corporation and the Italian energy company Eni. It represents the most significant oil and gas exploration achievement of this enterprise in the past fifteen years.

Source: Economic and Commercial Office of the Embassy of the People's Republic of China in the Arab Republic of Egypt