Abu Qir Petroleum Company is preparing for the treatment of some its exploratory and development wells located its acquisition area in the Mediterranean during the current fiscal year of 2010 – 2011. The total budget of the project is expected to be declared soon.
The company is aiming to boost its current production rate through adding more wells to these fields. Moreover, Abu Qir is targeting a 400 billion cubic feet of gas from the North Delta fields.
The current production rate of Abu Qir, the EGPC and Italian Edison joint venture company, is 175 billion cubic feet of gas. Edison which signed the highest bounce signature that reached $1 billion and $400 million last year.