Egypt's New North Lotus Deep-1 Well To Add 3,100 Barrels Of Oil Equivalent Daily

In Egypt's Western Desert, exploration at the North Lotus Deep-1 well has shown promising results. The site is expected to produce around 1,835 barrels of crude oil and 7 million cubic feet of natural gas daily. This output translates to approximately 3,100 barrels of oil equivalent per day. The Ministry of Petroleum and Mineral Resources (MoPMR) confirmed these findings.

The North Lotus Deep-1 well is managed by Agiba Petroleum Company, a collaboration between the Egyptian General Petroleum Corporation (EGPC) and Italy’s Eni. With estimated reserves reaching about 5 million barrels of oil equivalent, this site has been integrated into the production landscape. Advanced horizontal drilling technologies have played a crucial role in achieving these results.

Francesco Gaspari, President of the International Egyptian Oil Company (IEOC), a subsidiary of Eni in Egypt, highlighted the Western Desert's significant potential. He stated that Eni is committed to expanding its projects in this promising area. Gaspari also mentioned that unlocking the Masajid formation's potential could lead to more successful ventures.

Agiba Petroleum Company has achieved a breakthrough at the North Rosa field using advanced drilling techniques. This innovation resulted in an additional daily yield of about 7 million cubic feet of gas and 550 barrels of oil equivalent from this formation. This represents a sixfold increase compared to traditional production methods.

Tharwat El Gendy, Chairman of Agiba, reported that the company's investments for 2024/2025 are projected at $404 million. Despite these investments, Agiba has maintained stable production rates. The company averages over 26,000 barrels per day (b/d) of crude oil and produces around 77 million cubic feet per day (mcf/d) of natural gas, totalling more than 40,000 barrels of oil equivalent per day.

The advancements in drilling technology have significantly boosted production capabilities in Egypt's Western Desert. These developments not only enhance current output but also set the stage for future exploration and extraction efforts in the region.

With inputs from WAM