$41-million investment in Abu Qir

Abu Qir Petroleum Company initiated its first steps towards the drilling of two new wells, exploratory and development wells in North Abu Qir-10 and Center of Abu Qir respectively.

Diamond Offshore Drilling Inc and the Egyptian Drilling Company (EDC) supplied the project with the two needed 2000-hp rigs. The first company supplied its Ocean Spur rig, with a renting cost of $85,000 per day, and a rental period expiring this August, while EDC gave its Snuseret rig, with a daily rent of $55,000 and its ending period is in May of next year.

Egypt Oil & Gas newspaper (EOG) learned that the total value of the current wells drilling counts for $41 million.

The company targets a production boost from the North Abu Qir field by raising its current production from 175 billion cubic feet of gas per day to reach up to 300 billion cubic feet from the new marine platforms.

Besides, the company intends to conduct well’s treatment over its exploratory wells, in order to be able to accommodate more new wells, whether exploratory or development ones, especially after the successful 3D seismic surveys that help boosting the North Abu Qir field reserve.

It is worth mentioning that Abu Qir Petroleum Company is a 50-50 joint venture company between the Egyptian General Petroleum Corporation and Edison. The company became operational following the signing of the January 15, 2009 agreement with the EGPC, through which Edison acquired all of the exploration, production and development rights to the Abu Qir field hydrocarbon deposits in Egypt through a production sharing agreement with EGPC.


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