Energean commences new investment program in Egypt
Energean Oil & Gas, the international oil & gas exploration and production company focused on the Mediterranean and North Africa, is launching a new 6- million-dollar investment program in Egypt, aiming to locate a hydrocarbon field in the West Kom Ombo block, which covers an area of 20,948 sq km.
The new program has been approved by Egypt’s petroleum authorities and it is based on the interpretation of the data obtained from the previous drilling of two wells, the 2D surface seismic survey of a range of 1500 kilometers, as well as aeromagnetic surveys. The investment program includes aeromagnetic data re-interpretation, the acquisition of 2D 400-kilometer seismic surveys and the drilling of two wells by June 2016.
Mr. Mathios Rigas, Chairman and CEO of Energean Oil & Gas stated: “The development of the hydrocarbon sector in the wider Mediterranean region as well as in Northern Africa seems very promising. Despite the sharp decrease in oil prices during the last ten months, Energean utilizes its scientific force and invests in hydrocarbon exploration aiming to emerge as a regional key player in oil & gas industry”.
The West Kom Ombo block is located at the South Central Desert in Upper Egypt and has a geological structure similar to the neighbouring Al Baraka oil field, where international oil companies have been producing hydrocarbons for several years. Egypt has 4 billion oil barrels of proven reserves in total and is the greatest non-OPEC oil producing country in Africa.
Energean Oil & Gas is the Operator and holds a 60% interest in the West Kom Ombo exploration and exploitation license.
(Energean Oil & Gas Press Release)