Kuwait independent oil company, Kuwait Energy has announced a production increase at its East Ras Qattara (ERQ) Concession in Egypt, in which the company has a 49.5 per cent interest.
Following the completion of drilling of the Shahd-3 Development Well at the ERQ Concession, an initial gross production rate of 4,300 bpd for the well was recorded. This increased the gross field production for ERQ to 17,000 bpd, the company said in a statement.
Daily production rates are expected to exceed 20,000 bpd by the end of the second quarter this year.
Mohammad Alhowqal, chief operations officer of Kuwait Energy, said: “This positive result means that East Ras Qattara is now our largest producing oil asset. We look forward to more successes at this asset together with our partner Sipetrol.”
Located in Egypt’s Western Desert region, ERQ is the Kuwait Energy’s largest producing asset. The concession has 15 producing wells and three wells under development.