MOL achieves success in Egypt finding natural gas reserves

abarrelfullabarrelfull wrote on 07 Jul 2014 08:30

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MOL, the Hungarian Oil and Gas Company announced today that it has achieved a further exploration success with the discovery of natural gas reserves in Egypt through the deepening of an exploration well which began in early 1999.

The consortium - led by the German operator, RWE-DEA, which has a 50 per cent interest - also includes ARCO (30%) and MOL (20%). It made the discovery in the North Idku block located in the Nile Delta with a total extension of 2048 sqkm. This is MOL`s first Egyptian exploration project.

The consortium has undertaken to deepen four exploratory wells within 3 years. The first deepening commenced in late 1998, and due to the applied sophisticated exploration method resulted in a significant natural gas discovery. The results of the first two drilling tests were as follows:

  • Between 2156 and 2193 metres depth the flow rate stabilised at a rate of 1.05 million cubic metre/day natural gas plus 330 bpd condensates
  • Between 1768 and 1785 metres depth the flow rate stabilised at a rate of 1.37 million cubic metre/day natural gas plus 55 bpd condensates

The results of these production tests are well above the production of the highest-yielding natural gas wells operated by MOL.

In the next two years, it is planned to deepen three additional exploration wells, the first of which will be drilled in a location 23 km from the current discovery.

During 1998, MOL announced that as a part of its international exploration and production programme (together with the German Deminex, whose legal successor in the project is RWE-DEA and Union Texas Petroleum (acquired by Arco later) it had gained access to a new exploration and production licence for the above area. The discovery justified the initial geologists` evaluation for this promising area on the basis of available geological information.

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