Egypt to start digging 2 new wells with investment of $280M

CAIRO – 26 August 2019: Preparations are underway to start digging two new wells in Atoll and Katameya gas fields in North Damietta concession area in the Mediterranean Sea with a total investment of $280 million, Ministry of Petroleum said on Aug. 26.

The ministry said in a statement that the two wells will be put on the map of production in 2020, which will contribute to a new increase in the production of Atoll field estimated at 100 million cubic feet of gas per day; the production of the field of Katameya will start at 60 million cubic feet of gas daily.

The financial indicators of the Pharaonic Petroleum Company for 2018/2019 revealed that drilling the fourth well at Atoll will be completed and placed on the map of production during the first quarter of 2020, where the field currently produces about 300 million cubic feet of gas per day and 9,000 barrels of condensate from three wells.

“Katameya field will enter the production map for the first time during the second quarter of 2020,” the statement read.

The ministry affirmed that the daily production volume of the natural gas fields of the Pharaonic Petroleum Company in the Mediterranean region amounted to about 525 million cubic feet of gas and 10,000 barrels of condensate during the fiscal year 2018/2019, which reflects the success of efforts to improve production rates, which exceeded the plan.

It pointed out that 18 million safe working hours have been accomplished in the gas fields and sites of the Pharaonic Company in the Mediterranean, reflecting the successful application of standards and rules of occupational safety and security.