CAIRO: The first well of Egypt’s offshore North Safa oil field in the Gulf of Suez started production on Monday, according to the Egyptian Ministry of Petroleum and Mineral Resources, reported Xinhua.
In a statement, the ministry said the move falls under its plan to fast-forward the development of Egypt’s explored wells, in a bid to reinforce national energy security and potentially boost export revenues.
The first production well runs at a capacity of 2,500 barrels per day, while the second well, for now under construction, is expected to be completed in mid-January, according to the Gulf of Suez Petroleum Company (CUPCO), developer of the field.
With the second well put in production, the field will reach 6,000 barrels per day, a rate targetted for the field’s first phase of early production, and with drilling another seven new wells, 12,000 barrels per day in the long run.
The first phase was implemented by a coalition of Egyptian companies that includes Enppi, Petrojet, and Offshore Petroleum Services to install a production station and extend two production lines, with a total investment of US$125 million.
GUPCO is a joint venture between the Egyptian General Petroleum Corporation and UAE state-owned Dragon Oil.–Bernama
