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Monday, May 27, 2019
Soco International, following the completion of the acquisition of Merlon Petroleum El Fayum Company reported average production from the El Fayum concession in Egypt of 5,551 bpd.
The company reported that a second rig was contracted and drilling operations with this rig are expected to commence next month. The focus will be on drilling more production wells and additional injector wells to enhance the secondary water flooding in the core El Fayum fields.
In addition, Soco said it was making good progress in reducing diesel-fired electrical power generation by introducing new gas-fired generators, which will both reduce CO2 emissions and the amount of gas going flared off.
The team in Egypt has been integrated with Soco’s operations to manage this expanded program of activity. Soco anticipates a 2019 exit rate in excess of 6,500 bpd from the El Fayum concession. Its goal remains to increase production from the El Fayum concession to 15,000 bpd by 2023.
The company is considering short and long-term options for off-take arrangements in Egypt, including various different refinery and pipeline options to provide maximum flexibility for future developments.
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