PetroAmir to dive deep in the Red Sea

Al Amir Petroleum Company (PetroAmir) is preparing to drill six new exploratory wells to apply the new drilling plan of the fiscal year 2010. The wells are in North West Gemsa Field in the company’s acquisition area of the Gulf of Suez.

Eng. Omar Bibars, Chairman and Managing Director of PetroAmir, confirmed that the total investment of the new wells is $100million.

“PetroAmir current production rate is 9000 barrel of oil per day, and we will start the drilling operation in the first quarter of the current fiscal year 2010-2011,” added Bibars.

He also added that his company drilled two exploratory wells in the previous fiscal year 2009-2010 in its acquisition area in North West Gemsa in the Red Sea, adding that the total investment of the drilling reached $10million and a production rate of 4300 barrels of crude oil per day.

It is worth mentioning that PetroAmir is operated by Vegas Oil & Gas.


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