Eng. Osama Farouq, the Vice President for Exploration & Development in Kuwait Energy Egypt Company, told Egypt Oil & Gas newspaper in exclusive statements that his company succeeded to win the approval of EGPC to drill 4 expletory wells in the Abu Sinan concession in the Western Desert, after extracting the needed permits.
The total cost of drilling the four wells $6million, as the company conducted a market survey to rent a rig of 2000hp due to time constraint, as it must carry out a tender to do that.
Al Anbaa, the Kuwaiti newspaper, recently announced that the company said it considered the previous exploration in that area as the biggest of its kind.
Egypt Oil & gas newspaper also learned that Kuwait Energy drills the deepest wells in the Western Desert area, as the depth reaches 18, 400 feet. The first test will be conducted next week with a cost of $7million using SHENGLI BOHAI’s rig, which has a capacity of 2000hp.
Al Anbaa newspaper also referred to Kuwait Energy’s announcements that this exploration contains high oil and gas reserves with lofty commercial importance and a promising develop in the oil production. Besides, it will positively reflect on the growth of revenue and the level of profitability. The newspaper also pointed out as well that the presence of two big Canadian and Australian companies in the same block.
The well was recently placed on the production line with a rate of 2500 barrels of oil per day; Kuwait Energy owns 700 barrels of it, located in Zahra area in Ras Qattara block.
It is worth mentioning that Kuwait Energy is a private company that was founded in 2005 as an independent entity for exploring and producing oil and natural gas in the Middle East and North Africa and considered one the most growing companies in the Middle East.