Badr El Din Petroleum Company (Bapetco) has concluded the drilling of a new exploratory well in its Western Desert concession area as part of its exploration plan for the 2011-2012 fiscal year.
Egypt Oil and Gas has learned that one of the new wells, MAGD-C102-1, was drilled using the EDC-51 rig to a depth of 11,733 feet, with drilling costs reaching $2 million. The new wildcat has been abandoned as a dry hole.
During the previous fiscal year, Bapetco successfully drilled 34 wells, and the company is looking to drill 44 exploratory and developmental wells in the current fiscal year 2011-2012 in order to boost total production of crude oil and natural gas.
During March 2012, Bapetco’s production figures stood at 1,150,409 barrels of crude oil and 2,136.071 cubic feet of natural gas.
Badr El Din Petroleum is a joint venture company between the Egyptian General Petroleum Corporation (EGPC) and Royal Dutch Shell that was found in 1983.