According to the analytical report conducted by Egypt Oil and Gas to gauge the performance of Qarun Petroleum, the company’s production rates of crude oil have been consistent during the past six months. Conversely, the company’s production of natural gas is almost nonexistent within the same timeframe.
Qarun’s latest successful ventures have been almost exclusively in the Western Desert. The company completed the drilling of HEBA-10 last January, which is an exploratory well that is currently being evaluated. It was drilled to the depth of 7150 feet using the EDC-63 rig with investments averaging $1 million.
Another well was drilled during November 2011 in the company’s same concession area in the Western Desert. The KNE-4 is a crude oil producing developmental well. Utilizing the EDC-49, the well was drilled to the depth of 8300 feet, the cost of which has reached $750 thousand.
Furthermore, Qarun added four developmental wells (E.SMRA-14, ALDIOR-49, HEBA-127 and SMRA-69) to its production report of October 2011. The collective output of the four wells totaled 1220 barrels of oil a day during said month.
Reports also indicate that Qarun’s production level reached 1733802 barrels of oil during December 2011. The graph below illustrates the company’s crude output over the previous two quarters.