EL Waha Petroleum Co. (previously known as OWAPCO) successfully guaranteed EGPC approval to adopt the new financial budget to implement the development plan of the current fiscal year 2010-2011 in its acquisition in West Qarun.
The total investment of the budget is US$10mn. Egypt Oil & Gas newspaper learned that OWAPCO is currently preparing to drill a new exploration well in the Middle of West Qarun mountain, on the natural and unnatural way of producing according to the new development plan. The total investment of drilling this new well reached US$2.5mn. In case of the success of the drilling, 3D seismic studies will be conducted, and in addition to that, three more wells will be drilled in the same area.
It is worth mentioning that El Waha is a joint venture company between EGPC and Sahara Petroleum Services Company (SAPESCO). EGPC was established by the Egyptian government in 1962 and is considered the first economic corporation established in the petroleum industry in Egypt. It is active in the upstream, downstream and petrochemical sectors, has full responsibility for all sectors of the Egyptian petroleum industry and holds the sole right to import and export crude oil and other petroleum products.
