Abu Qir Petroleum Company studies the possibility of drilling a new exploratory well in its acquisition area in the Mediterranean.
Currently, Abu Qir is considering the drilling operation of the new well during the second term of the year. The total cost of investments expected to reach $100 million.
It is anticipated that Abu Qir will finish some treatment work to some of its wells, after finalizing the 3D seismic survey to wrap the drilling plan of the current fiscal year of 2010-2011.
It is worth mentioning that the Abu Qir Petroleum Company is a joint venture company between the Egyptian General Petroleum Corporation (EGPC) and Italian Edison.