Egypt Strike for Kuwait Energy

Kuwait Energy has found oil in a well on the onshore Burg el-Arab field in Egypt, the company said. An exploration well had flowed oil at an initial rate of 280 bpd during testing of the find, the company said in a statement. Kuwait Energy holds a 75% stake in the field. The Burg El-Arab field lies in Egypt's western desert. Kuwait Energy has projects in Oman, Yemen, Egypt, Russia, Ukraine, Latvia, Pakistan and Cambodia. It plans to go public by the end of 2010.- Upstream