“We are preparing to implement our drilling plan in the deep water in the Mediterranean,” said Eng. Taher Abdu Al Rihim, Operation Manager in Rashid Petroleum Company (Rashpetco).

“The company’s investments are estimated by $ 3 billion. Moreover, the operations will initiate from next month and will last for another four years,” he explained.

Al Rihim added that this plan includes drilling 24 exploratory wells in the period of time that ends by 2014, in the company’s acquisition area in the Mediterranean. Besides, he pointed that his firm raised the investment volume to reach up to $ 3 billion from $ 700 million last year.

He also added that Rashid will start development operation in the West Delta concession to develop three wells (D1, D4, and D5) in the Deep Water (WDDM), which were discovered during this year.

“We will start development process of the three wells by June and to end by this year, with investments reached up to $ 120 million,”

“We will also drill 8 new wells in the Deep Water in the West Delta,” Al Rahim commenting on Rashid’s plan to raise the company’s production from the Mediterranean.

It’s worth mentioning that Rashid is joint venture company between EGPC along with BG, and the Malaysian Petronas.