It is fundamental to pilot and deploy IOR/EOR initiatives to improve recovery from petroleum reservoirs using cost effective methods, ensuring a continuous supply of production that would meet the ever-increasing demand for energy.Under-Balanced Drilling (UBD) technology proved worthy as a valuable initiative in the redevelopment strategy of a Giant Carbonate reservoir located in the Middle East. It improved well deliverability especially in low permeability reservoir zones. The strategy for this has been to deploy 3-4000 feet laterals to maximize reservoir contact to such tight units or drill as far as possible to have maximum flow input/productivity. Horizontalization (non-UBD), together with stimulation has been going on for many years with mixed success as recent production log surveys showed negligible contribution from several wells completed in these low permeability units.In 2011, well-X was drilled underbalanced to assess the value of this technology in augmenting productivity and improving reservoir characterization. Significant improvement in Productivity Index was accomplished by minimizing damage from drilling and completion operations. In addition, considerable knowledge was acquired from Flowing While Drilling (FWD) data and multi-rate tests in four segments of the production zone. Real-time geosteering was actively used to account for changes in the reservoir architecture.Analysis of the FWD data has derived in new understanding of the dynamic nature of the reservoir's South-central region, highlighting sectors of high permeability, fractures, tight areas, different pressure regimes and varying fluid composition. Furthermore, despite the innovative nature of the technology, drilling and completion was very well controlled by the Well Construction teams, resulting in costs not significantly higher than normal over-balanced wells.The enhanced reservoir knowledge that UBD delivers as shown from well-X will result in improved recovery efficiency and possible delayed water production. Moreover, it is a lead value improvement technology that will meet strategic business objectives with minimum risk and lowest Unit Technical Cost.