Arab Finance: Khalda Petroleum, in collaboration with its partner Apache, has made three new crude oil and gas discoveries in its concession areas in Egypt's Western Desert, the Egyptian Ministry of Petroleum and Mineral Reserves announced in a statement.

The discoveries, which will contribute approximately 12 million barrels of oil equivalent to reserves, include 4 million barrels of oil equivalent in recoverable reserves.

Following extensive testing and evaluation, the discoveries are currently producing around 2,750 barrels of oil and condensates daily, alongside 20 million cubic feet of gas. Khalda is in the process of calculating the associated gas reserve.

These discoveries come on the heels of the implementation of new price adjustment incentives, which will help elevate Khalda's gas production to over 480 million cubic feet daily, with expectations to reach 500 million cubic feet shortly.

Without this initiative, Khalda's gas production would have been expected to fall to 380 million cubic feet within the next six months.

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