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Sunday, 25 March 2018

Apache to drill 50 new wells in Egypt next fiscal year, EGAS and Eni trying to speed up Zohr production schedule

Apache is planning on drilling 50 new exploratory wells in Egypt in the coming fiscal year through its Qaroun and Khalda Petroleum subsidiaries, both JVs with EGPC, Apache CEO John Christmann said on Thursday, according to a report in state-owned Ahram Gate. Christmann said he expects the sector to “witness a boom” in FY2018-19. Apache’s Khalda had signed a USD 20 mn agreement with the EGPC back in December to begin exploration activities in the Western Desert’s Alam El Shawish concession. Apache and Merlon had also signed USD 79 mn-worth of Western Desert exploration agreements with the Oil Ministry in August last year.

Separately, EGAS and Eni are planning to bring production at Zohr to maximum capacity ahead of schedule. The two companies are working hard to have the supergiant East-Mediterranean gas field pumping out its full capacity of 2.7 bcf/d ahead of its slated end-2019 deadline, sources close to the matter tell Al Shorouk, adding that output from Zohr — which is expected to help Egypt reach natural gas self-sufficiency and become a net exporter of LNG — should also rise to 700 mcf/d, from a current 350 mcf/d, by May instead of June.

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