Repsol
Exploraci�n has discovered another new oil field in the Khalda concession,
located in the Western Desert of Egypt. The appraisal well, called "Tut Deep" is
below the Tut oil field, was drilled to a depth of 4,084 metres and produced 62
million cubic feet of gas, 1,337 barrels of condensate and 4,800 barrels of oil
per day during the three production tests effected. Electrical readings show the
presence of further hydrocarbon bearing sandstone.
Repsol, with a 50%
stake, is the operating company for the group. Phoenix and Samsung hold 40% and
10% respectively. The role of operator is exercised through the Khalda Petroleum
Company, of Egyptian nationality and jointly owned by the contractor group and
the state-owned Egyptian company EGPC.
Apart from the above, Repsol has
discovered a new gas field in Egypt, in association with the Italian company,
AGIP. In this case, it holds a 45.5% stake.
Here, the appraisal well,
called ED-9, was drilled on the "East Delta" concession, on land in the Nile
Delta, to a depth of 3,266 metres. It produced 32.2 million cubic feet of gas,
and 400 barrels of condensate per day during production testing. This discovery
is expected to be highly profitable because of its proximity to the JC-65 field,
in which Repsol also holds an interest, thus making it possible to use the same
installations.
These latest discoveries by Repsol in Algeria and Egypt
help to strengthen the company's presence in the North of Africa and form part
of its strategy to consolidate the exploration and production of hydrocarbons in
the geographical areas it considers of priority, such as those already
mentioned, the North Sea; Latin America and the Far East.
Repsol is the
third largest oil company in Egypt, with a net production of over 30,000 barrels
per day, from the Khalda, Umbarka, South Umbarka, Gulf of Suez East and Gulf of
Suez West concessions. It began its activities in Egypt back in 1972, with an
exploration and production contract on the Umbarka field in the Western Desert.
Since then, Repsol has considerably increased its interests in that country
through a policy of continuous acquisitions, buying oil-producing assets and
stakes in exploration licences.
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