Rashid Petroleum Company (Rashpetco) is planning to conduct its development plan for the next year 2011, which includes drilling two new exploratory wells, in addition to a third well in the deep water with approximately depth of 4000 meter, in its acquisition area of West Delta.

The total investment of both wells will reach $70 million, and the third will cost $100 million due to the high cost of drilling in the deep water.

Eng. Taher Abdu Al Rihim, Operation Manager in Rashpetco, told Egypt Oil & Gas newspaper (EOG) that his company will bring a Semi Sub rig with a 2000 horsepower capacity. The rig will be brought from Gulf of Mexico and its daily rent will cost $225,000.

Al Rihim pointed to the fact that the low cost of the rig is due to the suspension of some of the drilling activities in Gulf of Mexico.