Egypt’s Ageeba Company has reached a significant milestone, hitting its highest oil production levels in three years with output averaging around 32,000 barrels per day in December, according to the petroleum ministry announced on Monday. The impressive production boost has been attributed to intensified operations and substantial investments by the company’s Italian partner, Eni.
The surge in output stems from an aggressive drilling campaign and the deployment of advanced technologies in the Western Desert region. Recent seismic surveys have yielded particularly promising results, with the latest two wells in the Masajid Carbonate formation alone producing approximately 12,000 barrels of oil equivalent per day. The Iris-1XST discovery well has been a standout performer, with cumulative output since October 2024 reaching 2 million barrels of oil and 4.8 billion cubic feet of gas.
To date, Ageeba has drilled ten wells, including Arcadia 27-ST, Arc 28, and Iris wells 2, 3, 4, 5, 7, 8, and Iris 3-ST, with drilling operations continuing. A development project in South West Meliha, featuring six shallow wells drilled over the past 18 months, has contributed around 2,800 barrels per day to the total output. Additionally, the Jasmine 8-ST well in the Jasmine area commenced production at the end of November, adding roughly 1,000 barrels per day to the company’s portfolio.
The petroleum ministry emphasized that the sustained output reflects Egypt’s ongoing commitment to boosting domestic oil production through strategic foreign partnerships and technological investment. This achievement comes as Egypt’s Cabinet approved a petroleum exploration and development agreement in the Western Desert aimed at further enhancing domestic oil and gas production.
The newly approved deal, signed by the Egyptian General Petroleum Corporation, Indian Cairn Oil and Gas Limited, and Capricorn Egypt Limited, targets the Integrated Badr El-Din area with investments of at least $208 million. The agreement includes plans to drill 44 wells and is projected to produce around 105,000 barrels of oil and 1.2 billion cubic feet of gas per month, potentially saving Egypt about $25 million in import costs within six to twelve months. The initiative also features training programs designed to enhance local expertise and strengthen energy security.
Source: en.amwalalghad.com