Egypt’s Ministry of Petroleum announced Thursday, 21 May, that Agiba Petroleum, a joint venture between the Egyptian General Petroleum Corporation and the Italian energy giant Eni, has made its largest discovery in the Western Desert in 15 years.
The find, confirmed through an exploratory well, holds an estimated 330 billion cubic feet of natural gas alongside 10 million barrels of condensate and crude oil, totaling roughly 70 million barrels of oil equivalent.
The discovery’s location adds to its appeal, as it is situated just six miles from existing infrastructure. Officials say it can be brought into production quickly and without the cost of building new facilities. Furthermore, the well revealed multiple sandstone and limestone reservoirs with a net productive thickness of 400 feet.
Egypt’s petroleum ministry framed the find as evidence that its incentive programs for partner companies are bearing fruit, encouraging firms to pursue exploration near already-producing fields and deploy advanced data analysis technologies to improve their chances of success.
The announcement comes as Egypt works to reverse a years-long decline in output from aging fields and reduce pressure on its energy sector, where domestic demand has outpaced production. The government has been courting foreign investment in oil and gas with new incentive packages, hoping to increase output, shrink its import bill, and shore up its strained foreign currency reserves.
Eni has been one of Egypt’s most active energy partners, and the latest find reinforces the country’s pitch to international energy companies that its Western Desert still holds significant untapped potential.
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