Egypt's Ministry of Petroleum and Mineral Resources has announced the successful discovery of the oil and gas compound 205 6 October in the country's Western Desert. The compound, located in the Matruh concession, was discovered following exploratory drilling operations by the Egyptian General Petroleum Corporation (EGPC).
The compound is estimated to contain 1.59 billion barrels of oil and 1.4 trillion cubic feet of gas. It is also expected to produce an average of 55,000 barrels of oil per day, and approximately 4.4 million cubic feet of gas per day.
The compound is named after the date of the October 6th victory in the 1973 Arab-Israeli War, celebrated annually in Egypt as a national holiday. The discovery of this compound is an important milestone for the country, as it will help to further strengthen Egypt's energy security and provide much-needed revenues to the government.