Energean Oil & Gas is launching a new six-million-dollar investment programme in Egypt, aiming to locate a hydrocarbon field in the West Kom Ombo block, which covers an area of 20,948 square kilometres.

The new programme has been approved by Egypt’s petroleum authorities and it is based on the interpretation of the data obtained from the previous drilling of two wells, the 2D surface seismic survey of a range of 1,500 kilometres, as well as aeromagnetic surveys.

The investment programme includes aeromagnetic data re-interpretation, the acquisition of 2D 400-kilometre seismic surveys and the drilling of two wells by June 2016.

“The development of the hydrocarbon sector in the wider Mediterranean region as well as in Northern Africa seems very promising,” said Mathios Rigas, chairman and CEO of Energean Oil & Gas. “Despite the sharp decrease in oil prices during the last ten months, Energean utilises its scientific force and invests in hydrocarbon exploration aiming to emerge as a regional key player in oil & gas industry.”

The West Kom Ombo block is located at the South Central Dessert in Upper Egypt and has a geological structure similar to the neighbouring Al Baraka oil field, where international oil companies have been producing hydrocarbons for several years.

Egypt has four billion oil barrels of proven reserves in total and is the greatest non-OPEC oil producing country in Africa. Energean Oil & Gas is the operator and holds a 60% interest in the West Kom Ombo exploration and exploitation licence.

Source: Oil and Gas Technology