North Bahariya Petroleum Company (NORPETCO) is preparing to conduct a new study during the new development plan of 2010-2011 in its acquisition area in the Western Desert.
Egypt Oil and Gas newspaper learned that NORPETCO is viewing the possibility of carrying out a new study of Work Offer, in the company’s fields in the Western Desert. The study aims at continuing the previous study that showed negative results, and to transform it from the formation of Bahariya to Abo Rawash layer.
The new study is estimated to cost $500,000.
NORPETCO conducted a hydraulic hammering to two development wells in the past fiscal year of 2009-2010 with a cost of $1million. The company is also conducting some fixing work in its fields.
Moreover, NORPETCO is planning to offer a bid to rent a new rig to carry out its new drilling plan of the current fiscal year of 2010-2011. The plan includes drilling three new wells in its acquisition area of North Bahariya in the Western Desert, as agreed with the foreign partner.
The total cost of drilling the three wells will cost $12million. The company will drill two development wells and one exploratory well.
In case of positive results from the seismic studies, four new wells will be drilled with new drilling investments.
NORPETCO previously drilled two exploratory wells in the East Rawda field, with a production rate of 800 barrels of oil per day. In addition to one development well in the field of Ferdaus 12, which also produced 800 barrels of oil per day, but there was one exploratory well in the same field that didn’t produce yet.
It is worth mentioning that NORPETCO is joint venture company between EGPC and Sahara Oil & Gas.