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- October 13, 202618°
- BIST10012,151-0.94%
- USD49.220.00%
- EUR55.21+0.28%
- GOLD4,195.90+0.13%
- INTEREST37.00%-1.00
- BITCOIN82,230-1.72%
- October 13, 202618°
The Largest Oil and Natural Gas Reserve in the Last 15 Years Discovered in the Barren Land
A new oil and natural gas reserve found in Egypt's Western Desert has been recorded as a significant development in the energy market. The reserve enhances regional energy security...
The Egyptian Ministry of Petroleum and Mineral Resources announced that they have discovered the largest energy reserve in the last 15 years in the Western Desert. Drilling operations at the exploration well named South Bostan-1X identified oil and natural gas layers 121 meters thick. Initial data shows approximately 9 billion cubic meters of natural gas along with 10 million barrels of crude oil and condensate in the field. The total reserve is reported to reach 70 million barrels of oil equivalent. The strategic importance of this discovery increases as the energy field is located only 10 kilometers from existing production facilities and pipeline infrastructure. Thus, production can be integrated into the national energy grid in a short time without the need for major infrastructure investments. The Egyptian government plans to drill more than 100 new wells by the end of 2026 to increase local energy production and reduce foreign dependency. During this period of regional energy crises, the discovered reserve is considered an important energy source for both Egypt and the region.
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