WASPETCO: no problems with partner

Wadi El Sahl Petroleum Company (WASPETCO) denies any problem with the partner as some newspapers claimed that the company’s operations were postponed due to the clashes, said an official to Egypt Oil & Gas Newspaper.

Currently, WASPETCO studies the possibility to conduct repair operations for some of its exploratory and development wells, located in its concession area of South Hurghada.
The operations will be carried out as an element of the drilling plan for the current fiscal year of 2010-2011.

“We are not facing any predicament in fulfilling our drilling plans as it was rumored in one of the Egyptian newspapers,” WASPETCO source told Egypt Oil and Gas Newspaper.

Recently, some of the Egyptian newspaper published that WASPETCO was facing some problems with its partner over the implementation of the company’s plans.

“Our drilling plans are being accomplished according to schedule. We are also adding a number of wells to our acquisition area in Hurghada,” added the source.

The current production rate of WASPETCO is 200 barrels of oil per day (bopd), with future plans to more than double this rate to reach up to 500 bopd by the end of 2011.


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