CAIRO, 21st May, 2026 (WAM) — Ministry of Petroleum and Mineral Resources announced that Agiba Petroleum Company, the joint investment venture between the Egyptian General Petroleum Corporation and Eni, has made a significant new discovery in the Western Desert, marking the company’s largest discovery in the past 15 years.
The ministry said the discovery was achieved through the exploratory well “Bastan South 1X,” which was drilled using a rig operated by the Egyptian Drilling Company.
Initial estimates indicate reserves of around 330 billion cubic feet of gas and 10 million barrels of condensate and crude oil, for a total estimated reserve of 70 million barrels of oil equivalent.
The ministry highlighted the importance of the new discovery due to its location only 10 kilometers from existing facilities and infrastructure, which will enable rapid development and connection to production within a short period.
The well revealed several sandstone and limestone reservoirs with a net productive thickness of 400 feet, reflecting the discovery’s economic and production significance.
The ministry said the new discovery reflects the success of efforts undertaken by the Ministry of Petroleum and Mineral Resources and the incentives offered to partners to intensify exploration and research activities in areas adjacent to existing fields.
Source: Emirates News Agency