Abu Qir Petroleum Company prepares for the drilling of two offshore wells at the deep waters of the Mediterranean Sea, after receiving the formal approval of the Egyptian General Petroleum Corporation (EGPC).

The drilling operations, which will take place at the company’s concession area of NALPETCO, are part of the current fiscal plan of 2010-2011.

Egypt Oil and Gas newspaper learned that the total investment cost of both wells drilling would reach up to $18 million. The drilling operations will start as soon as Abu Qir will agree with the foreign partner on the drilling cost.

It is worth mentioning that Abu Qir Petroleum Company is a joint venture company between the EGPC and Italian Edison.