Zaafarana Oil Company (ZAFCO) prevailed the approval of Egyptian General Petroleum Corporation (EGPC) to go back to the old exploratory field of HB 77-4 in its acquisition area in Gulf of Suez through the current drilling plan of 2010-2011.
“An exceptional budget will be placed if the drilling showed positive results. The company is expecting to increase the reserves in the Zaafarana field after this drilling operation,” an official source told Egypt Oil & Gas Newspaper.
Zaafarana is the joint venture company between EGPC and an American partner as the foreign partner.
The current production rate at Zaafarana field reached 7200 barrels of oil per day.