CAIRO - 1 January 2024: GASCO, the Gulf of Suez Petroleum Company, has successfully positioned the first well in the 'North Safa' petroleum field in the Northeast Ramadan region of the Gulf of Suez on the production map at the beginning of the new year, the Ministry of Petroleum announced, Monday.
The first phase of early production in the 'North Safa' field was executed by an Egyptian consortium, comprising "Eni, Petrojet, and Marine Petroleum Services." They undertook the construction and installation of the North Safa production station and the laying of production lines totaling 10 and 11 kilometers, with a total investment of $125 million.
The initial phase of the early production project aims to reach a daily production of about 6,000 barrels by mid-January, following the inclusion of the first well in the production map at a rate of 2,500 barrels per day.
Currently, the completion of positioning the second well on the production map is underway by mid-January, with production expected to increase to the targeted and planned rates of 12,000 barrels per day. This will be achieved through the implementation of an ambitious plan to drill seven new wells, according to the statement.