ADES intends to drill 6 oil wells in Gulf of Suez within H2 2024

Updated 3/31/2024 11:13:00 AM
ADES intends to drill 6 oil wells in Gulf of Suez within H2 2024

Arab Finance: The Saudi drilling services provider ADES Holding Company is planning to complete the drilling of six production wells within the second half (H2) of 2024 at an oilfield affiliated to Egypt’s General Petroleum Company (GPC) in the Gulf of Suez’s Ras Ghareb region, an official told Al Arabiya Business.

The project is set to produce around 2,000 barrels of crude oil daily right after operation, the source said.

He pointed out that ADES has executed a project with the Egyptian oil firm Petrosalam on establishing offshore platforms in the Gulf of Suez region, with a production capacity of 3,000 barrels of crude oil a day.

The investment costs of building four offshore platforms within the abovementioned project amounted to around $100 million, the official added.

Furthermore, ADES is planning to invest $30 million in favor of Suez Oil Company (SOCO) and $36 million for Offshore Shukheir Oil Company (OSOCO) within the first three years of the oil exploration agreement signed previously between them.

These investments aim to promote production, the source highlighted.

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