Egypt Oil & Gas learned that Gebel El Zeit Petroleum Company (Petrozeit) will issue a bid for hiring a rig in order to accomplish its new drilling plan next year, in the field of Ras El Ush within the company’s concession area in Gebel El Zeit in the Gulf of Suez.

“The company’s new plan involves drilling two offshore exploratory wells,” Eng. Saad El-Din Mostafa, Chairman of Petrozeit Petroleum Co., told EOG.

“The drilling of the two new wells will be done according to the studies of the reservoir of El-Mattalah and Nubeyah layers. Hence, these studies should determine the drilling areas and the number of the exploratory wells which are going to be drilled in so as to maximize the volume of production and reserves,” Mostafa concluded.

Dr. Mostafa also pointed out that the total estimated investments of drilling those two new wells in Ras El Ush field will reach $15 million. He also added that the refinery planet can include the production of the two wells after carrying out the 3D Seismic studies on the deep layers.

“The process of drilling is scheduled to start in the first half of the next fiscal year (2010-2011),” he emphasized.