Abu Qir Petroleum Company is to set a bid round to rent a rig to execute the new drilling plan for the current fiscal year of 2010-2011 in Abu Qir field in its acquisition area at North Abu Qir.

“Our drilling plan includes the drilling of two exploratory marine wells, especially after the success of the 3D seismic studies that helped increase the reserves of the North Abu Qir field,” Gamal Eldin Bayomi, General Exploration Manager in Abu Qir, told Egypt Oil & Gas newspaper.

Bayomi added that the total investments of the two wells cost $40 million.

He also added that the company drilled four development wells, all in the area of North Abu Qir concession, except one in the Abu Qir-5, with total investments of $70 million, during the past fiscal year of 2009-2010.

Abu Qir is a joint venture company between the Egyptian General Petroleum Corporation (EGPC) and Italian Edison.