NSCO Investments has completed the development of the first well in a North Sinai offshore natural gas concession, according to a statement to the Egyptian Exchange (EGX).
NSCO Investments, a subsidiary of the Egyptian Kuwaiti Holding company (EKH), drilled the first well in the Kamos area at a depth of 1,698 meters with a cost of around $15 million.
Production began at the well at a rate of 25 million standard cubic feet per day (mscf/d), which raised the company’s entire production capacity to 40 mscf/d. The well is expected to generate revenues of more than EGP 500 million over the next two years.
The second well in Kamos concession, drilled at 2,664 meters, is expected to begin production during Q3 2019.
Seismic surveys previously showed around 2.352 trillion cubic feet (tcf) of natural gas and 112 million barrels of condensates in reserves in the concession.