EGYPT KEY STATISTICS
EGYPT KEY STATISTICS
Exploration, Development &
mmboe 2P WI Reserves
mmboe 2C WI Resources
kboepd Avg. Production
Egypt has 3.3 billion barrels of total proved oil reserves and 75.5 Tcf of proven natural gas reserves as at 31 December 2018*. Its total oil production averaged approximately 0.7 mmbopd and its total gas production averaged 5.7 billion cubic feet per day during 2018*.
Kuwait Energy holds a working interest in four licences in Egypt, one of which is governed by a service contract and three of which are governed by PSCs. The East Ras Qattara (ERQ) asset (acquired in 2008) with a 49.5% revenue interest, the Abu Sennan asset (acquired in 2007) with a 25% revenue interest, and the Burg El Arab asset (acquired in 2006) with a current revenue interest of 100%, are located in the Western Desert. The Area A asset (acquired in 2008) where Kuwait Energy has a 70% working interest is located in the Eastern Desert. Kuwait Energy is the operator of three of the four producing assets.
Kuwait Energy produces oil from all four of its assets which make up a significant portion of the Company’s production. The ERQ licence area is a significant production asset, representing approximately 27.5% of the Kuwait Energy’s total working interest oil production in 2018. Kuwait Energy’s assets in Egypt were producing approximately 15 kboepd in 2018 representing around 55% of the Company’s total production during that year. The Company since beginning operations in Egypt has managed to achieve an above 50% exploration drilling success rate.
Kuwait Energy enjoys a strong and strategic partnership with the Egyptian General Petroleum Corporation (EGPC), as it does with all host governments where it operates. In 2015, Kuwait Energy was the catalyst in Egypt entering their first external venture as they partnered with the EGPC in Block 9. Later, EGPC became a partner in Siba as well. This alliance further improves the outlook for the Company’s operations in Egypt.
*According to the BP’s Statistical Review of World Energy 2019 (June 2019).
“Kuwait Energy has a proven track record of production growth and exploration success on all its assets in Egypt. Egypt is a key focus for the company and we are very proud of the achievements and successes so far. Our strategy is to build on what we have accomplished to grow further and continue as a main player in the booming Egyptian oil and gas sector. The distinguished relations with the Oil Ministry and EGPC has resulted in a successful partnership in Iraq through acquiring shares in Block 9 and Siba.”