Texas-based IPR Power Group has introduced a “main” discovery within the Alamein/Yidma Concession, which is located within the Western Desert in Egypt.
In line with the corporate, the Alamein 48-Ok effectively hit 27 toes of web pay within the Decrease Kharita reservoir, with a median manufacturing fee of three,300 barrels of oil per day at 36°API, with lower than one p.c BS&W on a ½ inch choke. Alamein 48-Ok was drilled to a depth of 8,960 toes using the IPR-1 750 HP Drilling Rig, whereas testing and completion was carried out with the IPR-2 350 HP Workover Unit at a complete value of $1.55 million, IPR outlined in a media launch.
The corporate revealed within the launch that Alamein 48-Ok might be accomplished with an ESP and “instantly” put onstream by the present Alamein/Yidma services.
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“This effectively has unlocked main potential within the Decrease Kharita formation, and we are going to work to delimit this prolific reservoir all through the Growth Lease parallel to implementing water flooding plans,” IPR Chairman and CEO Dr. Mahmoud Ok. Dabbous stated.
“IPR continues to extend funding in Egypt’s vitality sector after three a long time of success within the petroleum sector and is working exhausting to pump in additional funding to additional enhance Egypt’s economic system,” he added.
IPR holds a one hundred pc working curiosity within the Alamein/Yidma Concession in Egypt. The corporate acquired Phillips Petroleum’s Egypt portfolio in 1993 and continues to be the operator after 30 years. IPR stated it has produced over 34 million barrels of oil from Alamein/Yidma, and that the lease is now producing over 6,500 barrels of oil per day, “considerably elevating IPR’s whole output in Egypt from eight concessions”.
IPR is presently amending the Alamein/Yidma Concession Settlement, which is able to improve the fiscal phrases for IPR and promote aggressive future investments, the corporate famous. Over the course of its time in Egypt, IPR has invested roughly $1 billion within the Egyptian Petroleum Sector, the corporate stated in its media launch.
The newest discovery provides to the one made in Could within the exploration concession North Beni Suef (NBS), the place IPR operates the 1,950 sq. miles concession, situated in Higher Egypt close to Beni Suef. The primary exploration effectively, NBS-1X, was drilled to a depth of 8,185 toes MD after a profitable drilling marketing campaign with a 1,500 hp rig.
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