Kuwait Energy says it finds oil field in Egypt

KUWAIT, March 7 (Reuters) - Privately held Kuwait Energy Co has found oil in a field in Egypt, the company said on Sunday.

A new well produced oil at an initial rate of 280 barrels per day, the company said in a statement. Kuwait Energy holds a 75 percent stake in the field.

The discovery was in Burg El-Arab field in Egypt's western desert, it said.

Kuwait Energy has projects in Oman, Yemen, Egypt, Russia, Ukraine, Latvia, Pakistan and Cambodia. It plans to go public by the end of 2010. [ID:nLU561152] (Reporting by Eman Goma, Editing by Maureen Bavdek)