Cairo - Egypt's Ministry of Petroleum and Mineral Resources announced on Saturday that Khalda Petroleum Company has made three new crude oil and natural gas discoveries within its concession areas in the Western Desert.

Key Discovery Details:

• Total reserves estimated at approximately 12 million barrels of oil equivalent (BOE)

• Recoverable reserves of about 4 million BOE

• Current production rates:

  • 2,750 barrels per day of oil and condensates

  • 20 million cubic feet per day of natural gas

Operational Highlights:

• Gas reserves are currently being calculated by Khalda Petroleum

• The discoveries demonstrate significant returns for American partner Apache Corporation in developing both gas and crude oil resources

• New price adjustment incentives have enabled production growth:

  • Current Khalda gas production exceeding 480 million cubic feet per day

  • Expected to reach 500 million cubic feet soon

• Without these initiatives, gas production would have declined to 380 million cubic feet within six months

Company Background:
Khalda Petroleum, established in 1985 as an Egyptian joint stock company, operates multiple concession blocks in Egypt's Western Desert region. The company plays a vital role in Egypt's petroleum sector.