HeadphonesListen to articleThe oil and gas discovery was made by a joint venture between Egyptian and Italian companies. ReutersThe oil and gas discovery was made by a joint venture between Egyptian and Italian companies. ReutersTotal reserves of latest find estimated at 70 million barrels of oil equivalent as Iran war drives global energy prices higherThe NationalCairoMay 21, 2026HeadphonesBookmark
Egypt announces its largest Western Desert oil and gas discovery in 15 years, signalling renewed investor confidence amid a volatile global energy market.
Preliminary reserves are about 330 bcf of gas and 10 million barrels of liquids, totalling roughly 70 million barrels of oil equivalent.
Agiba Petroleum Company, a venture between the Egyptian General Petroleum Corporation and Italy’s Eni, made the Bustan South‑1X find with the EDC 9 rig.
The site lies about 10km from existing facilities and pipelines, enabling rapid development and early network connection with limited additional spending.
