Gulf Oil and Gas accountACCOUNT

A $583 Million for Drilling 110 Wells in Western Desert

Source: www.gulfoilandgas.com 12/22/2013, Location: Africa

Eng Sharif Ismail, Minister of Petroleum and Mineral Resources, said that the Western Desert region has become one of the most important areas of oil production in Egypt, which has a growing interest from international companies and intense activity, both in research and exploration or development activities.

All this success is due to the high production levels in this region, which contributed to increase the international investments especially that the investment costs is low relative to the investment required for research and development in deep water.

Eng Sharif Ismail said that “the investments of the foreign partner in the areas of Qarun and Fayoum are about 583 million dollars to drill 110 wells for oil and gas”.

Eng Mohammed Moaness said that “the production in the Qarun, Karama, Beni Suef and Wadi Rayan is currently stands at about 43 thousand bpd of crude oil, pointing that the foreign partner will invest $ 480 million to drill 76 development wells and 8 exploratory wells during the current financial year.

Also Mohamed Abdel Azeem, company's president of Fayoum Western Sahara, said the region's production rised from 1,500 bpd of crude oil to about 6000 bpd currently, pointing out that the total investments approved for the year 2014/2013 from the foreign partner is about $ 103 million to drill 16 developmental and exploratory wells.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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