The Khalda Petroleum Company, a subsidiary of Apache, has made a significant oil discovery in the West veops-1 region within the Khalabsha Development Area of the Western Desert, according to a statement released by the Ministry of Petroleum and Mineral Resources. This discovery, with a production rate of 7,165 barrels of 44-degree quality oil per day and 23 million cubic feet of associated gas, was confirmed through drilling 270 feet into the Paleozoic sands. The electric logs of the well indicate the presence of petroleum shows in the Paleozoic formation, with a net pay thickness of 462 feet. Meanwhile, the Ministry recently announced that the Egyptian Natural Gas Holding Company (EGAS) has initiated a new global bidding process for 2024. This bidding aims to explore natural gas and crude oil in 12 sectors across the Mediterranean Sea and the Nile Delta, encompassing 10 marine sectors and two land sectors. This initiative aligns with the ministry's strategy to attract new investments to Egypt and leve rage opportunities in gas and oil exploration. In another development, Minister of Petroleum and Mineral Resources Karim Badawi unveiled a fresh incentive package in August to boost the production of crude oil and natural gas, further supporting the country's energy sector growth. Source: State Information Service Egypt