Neptune Energy has drilled its first well in the North West El Amal concession in the southern Gulf of Suez offshore Egypt, a statement said Wednesday.
The statement said The ADES-operated jackup ADM-8 had spud the Yakoot exploration well, which has a targeted final depth of about 3,600 m.
Alexandra Thomas, Neptune Energy’s Managing Director in Egypt, commented: “Drilling the Yakoot prospect is a significant milestone for Neptune in Egypt and we are grateful for the support of the Egyptian Petroleum Ministry and the Egyptian General Petroleum Corporation (EGPC). “
Thomas added, “After many months of careful preparation, working closely with our stakeholders and partners, we are fully focused on safely drilling this strategically important well.”
The North West El Amal offshore concession covering 365 km2, is located approximately 42 kilometres southeast of Ras Gharib and 105 kilometres northwest of Hurghada. Neptune, which was awarded the exploration licence for the North West El Amal concession in February 2019, acquired advanced 3D seismic data in 2020.
Neptune’s entire portfolio, aside from its operations in Germany and Norway, is being acquired by Eni. While the German operations will be carved out prior to the completion of this acquisition, the Norwegian assets will be taken over by the oil major’s majority-owned Vår Energi. These deals come with an aggregate enterprise value of $4.9 billion.
Source: Offshore Energy