Egypt unveils 3 oil, natural gas discoveries in Western Desert, Gulf of Suez
Arab Finance: Khalda Petroleum Co (KPC), Balaeim Petroleum Co (PETROBEL), and Gulf of Suez Petroleum Co (GUPCO) achieved three new oil and natural gas discoveries in their concessions in the Western Desert and the Gulf of Suez, according to a statement.
On May 11 th, KPC unveiled a new discovery at South NUT-1 in the Western Desert, with electric logging confirming natural gas indications in the Safa sandstone layer within the paleozoic formation.
The estimated reserves before drilling stood at nearly 12.5 million barrels of oil equivalent. Meanwhile, the pressure measurements are underway, and the well is set to be tested and evaluated soon.
With an investment of around $10 million, a development plan will be implemented, including the installation of a 10-inch, 23-kilometer production pipeline.
Furthermore, the company plans to drill several wells to enhance its natural gas production, with an expected daily production capacity of 30 million cubic feet of gas.
On May 8 th, PETROBEL unveiled a new discovery by testing and evaluating the West Ferran-2 appraisal well in the Gulf of Suez, perforating 27 meters in the Asl sandstone.
The recovery rate reached 2,660 barrels of oil per day, while the added reserves from the well are being assessed.
On May 1 st, GUPCO achieved a new discovery by testing and evaluating the GS327-A15 exploratory well, perforating 38 feet in the Kareem sandstone. The recovery was 720 barrels of oil per day, and the added reserves are being evaluated.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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