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Neptune Energy Begins Oil and Gas Exploration in Egypt with High Hopes for Discovery

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Neptune Energy Begins Oil and Gas Exploration in Egypt

British company Neptune Energy has started drilling for oil and gas exploration in Egypt, with hopes of making a significant discovery.

Exploration Well in Yakut Concession Area

Neptune Energy Egypt announced on August 23, 2023, that it has commenced drilling the Yakut exploration well in its concession area northwest of Al Amal in the southern Gulf of Suez. This marks the company’s first exploration well in Egypt for oil and gas exploration.

Partnership and Concession

Neptune Energy obtained an exploration concession in the northwest Al Amal area in February 2019 through an agreement with the Egyptian General Petroleum Corporation. In 2020, the company received enhanced 3D seismic data to support its drilling efforts.

Anticipated Oil Discovery

Neptune Energy, an independent British oil and gas company, has high expectations that its drilling activities will lead to a significant oil discovery, potentially boosting Egypt’s oil and gas reserves. The company has been actively drilling in various countries, including Egypt, Indonesia, and the North Sea, and believes that the Yakut area holds promising reserves for exploration and development.

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Importance of Yakut Exploration Well

Alexandra Thomas, CEO of Neptune Energy Egypt, emphasized the significance of the Yakut exploration well as a milestone for the company. She expressed gratitude for the support from the Egyptian Ministry of Petroleum and the Egyptian General Petroleum Corporation. Safety precautions have been a top priority during the meticulous preparations for drilling.

Neptune Energy’s Operations in Egypt

Neptune Energy, an independent global exploration and production company, has initiated its oil and gas exploration operations in Egypt in collaboration with Addis using the ADM-8 drilling rig. The company is focusing on the Yakut area, which has a depth of about 3,600 meters and offers promising oil potential. Neptune Energy aims to develop its business and investments through its experience and partnerships in the oil field.

Geographical Details

The concession area in the northwest of Al Amal Al Bahri covers 365 square kilometers and is situated approximately 42 kilometers southeast of Ras Ghareb and 105 kilometers northwest of Hurghada. In 2019, Neptune Energy was granted an oil exploration license in block 4 of the northwestern Al Amal concession in the Gulf of Suez.

Investment and Recent Discoveries

In February 2020, Neptune Energy signed an agreement with Cairo, investing $35 million (in addition to an $11 million grant) to drill three wells in the concession area. The announcement of Neptune’s oil and gas exploration operations in Egypt coincided with Cheiron’s recent oil discovery in the Jessum Tawila West concession area in the Gulf of Suez.

Source: Energy Platform

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