Petroleum Africa
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Tuesday, June 6, 2017
IPR Energy Group has seen its success in Egypt’s Western Desert and the Nile Delta continue with discoveries made in the first five months of the year. On the North Ras Qattara Concession in the Western Desert the company saw success from NRQ-11X well and the NRQ-9-2 appraisal which tested 715 bpd and 3,700 bpd, respectively.
Both discoveries were from the Abu Roash “G” formation (ARG) in separate structures, drilled under budget and immediately put on production. After choking back the discovery wells, production in the lease increased approximately 60% to 4,100 bpd, proving greater upside than initially modeled. The encouraging outcome of the Q1 results have prompted expanded drilling plans in the near term, along with eventual monetizing of the deep Jurassic gas condensate discoveries in NRQ-3151 and NRQ-8X.
In the Nile Delta’s South Disouq Concession, where IPR holds 45% working interest, the exploration discovery of the Phase I commitment well SD-1X, was drilled to a depth of 11,068 ft. The gas/condensate discovery in the Abu Maadi formation tested 25.8 Mmcf/d and 43 barrels of condensate. The company said that with the strong fiscal terms, a market eager for gas, a proven play concept with a significant discovery and other highly prospective structures yet to be drilled, this license is a strong target for accelerated exploration and fast-track development.
IPR’s 2017 calendar year drilling program in Egypt budgeted 23 wells, making this one of the most active years operationally for IPR since its 1993 acquisition of the Phillips Petroleum Western Desert assets. The work program includes onshore exploration, appraisal and development drilling, and workovers offshore in the Gulf of Suez, all expected to ramp up production and to increase reserves.
The company plans to drill in all four regions of its portfolio over the next 12 months, which includes the Western Desert, Nile Delta, Gulf of Suez, and Eastern Desert Nile Valley. It anticipates that these programs will significantly increase production and reserves to continue the trend of high Reserve Replacement Ratios (RRR) seen in 2015 and 2016 when the industry saw one of its largest downturns. The Group’s gross production from Egypt and Pakistan surpassed 22,000 boepd.
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