Egypt: Sea Dragon acquires Gulf of Suez producing assets

A unit of Sea Dragon Energy Inc., Calgary, has acquired National Petroleum Co. Shukheir Marine Ltd. from National Petroleum Co. Egypt Ltd. for $250,000 cash and assumption of a $3 million working capital deficiency.

The acquired assets include a 100% participating interest in the Shukheir Marine concession that contains Shukheir Bay and Gamma oil fields in Gulf of Suez shallow water. The concession produces 460 b/d of oil. NPC SHM also owns $4 million in oil field inventory that can be applied toward operations.

Sea Dragon intends to further develop the concession by pursuing development and exploration opportunities identified on 3D seismic and by geological mapping.

Shukheir Bay field covers 5 sq km and was discovered in 1980 with a deviated well that indicated oil in the Miocene Lower Rudeis sandstones. Five more deviated wells were drilled. The field produced 410 b/d of 34° gravity oil in October 2012 from two wells.

Gamma field covers 23.7 sq km and was discovered in 1987 by an exploratory well that tested oil from the Miocene Kareem formation and Cretaceous Nubia sandstones. Eight more wells were drilled.

In October 2012 the GA-1 well averaged 50 b/d of 44° gravity oil from the Miocene Kareem formation. sandstone in the GA-1 well.

Sea Dragon said Shukheir Bay is a mature field with low risk development drilling locations and workover opportunities, and Gamma field has a large exploration target identified on trend to a well that discovered a significant oil column in the Nubia formation.

With 950 b/d of output from the NW Gemsa concession and 250 b/d from the Kom Ombo concession, the company’s production totals 1,650 b/d.

Related Articles

Kentucky: Daybreak furthers Twin Bottoms drilling campaign

09/15/2014 Daybreak Oil & Gas Inc., Spokane, Wash., has drilled its 10th and 11th horizontal oil wells at the Twin Bottoms Field in Lawrence County, Ky.

Federal judge finds BP E&P negligent in Macondo crude oil spill

09/12/2014 A nearly 5 million bbl crude oil spill following the 2010 Macondo deepwater well blowout in the Gulf of Mexico was the result of operator BP Explor...

Fitch: Drilling downturn might prompt some consolidation

09/08/2014 A cyclical downturn in offshore drilling might provide an opportunity for driller contractors having financial flexibility to buy their peers at fa...

Iraq: Kuwait Energy, Dragon Oil drilling well on Block 9

08/14/2014 An onshore exploration well being drilled on Iraq’s Block 9 has reached the first of its two targets, Dragon Oil PLC said in a statement posted on ...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected