Egyptian Ministry of Petroleum Eng. Sameh Fahmy received a report from Eng. Rafaat El-Beltagy, Chairman of Rashid Petroleum Company (Rashpetco), which included that BG allocated $850m for drilling seven developmental wells in the deepwater of the Mediterranean Sea.

The action comes as an attempt to increase the production volume from the fields of Rashpetco since they are scheduled to be productive in 2010.

Moreover, at the beginning of the current year, the company’s production is due to be increased by 100 mcf to reach 2144 million meters of cubic gas after it was 2044 as a result of running the developmental wells. In 2013, it is planned to reach 2400 million cubic meters of gas.

In order to maintain the rates of the current production of the wells and make the most of the underneath reservoir, the company initiated the project of strengthening the pressure of gas at a cost of $200 million within the episode of developing lasts till 2016.

The report also pointed out that it is now being prepared for drilling a number of wells at great depths ranging between 1100 and 1800 meters under the sea surface by conducting the 3D and 4D studies in order to increase the production by approaching new reservoirs also to preserve the production rates.

It’s known that the company’s share of the total production of natural gas is from 38% to 40% as it produces 410 million cubic meters of gas from Rashid field and 1560 million from the Burullus field as well as 8 thousand barrels of petroleum condensates extracted from depths ranging from 500 to 1100 meters.