Production reports indicate that Qarun Petroleum Company’s production rates of crude oil and natural gas have shown inconsistency during the period between October 2011 and March 2012.
The company’s production numbers have been varying significantly during this period, as illustrated by the graph.
Four new developmental wells were drilled by Qarun in the company’s Western Desert concession area. The operations are part of Qarun’s development plan for the current 2011-2012 fiscal year.
The KARAMA SW-24 well attracted investments of $1.146 million. It was drilled to a depth of 8,100 feet using the EDC-17, and is oil-producing.
The YOMNA-22 well, also oil-producing, was drilled using the EDC-64 rig to a depth of 5000 feet. Costs of the operation reached $790,000.
YOMNA-24, another oil-producing well, was drilled to a depth of 4,900 feet at operational costs of $500,000. The well has not yet been added to the company’s overall production numbers.
Yet another developmental well, labeled HEBA-503, was drilled utilizing the EDC-63 rig, to a depth of 6,550 feet. Sources revealed investments in the operation to have reached $900,000.
Qarun’s portfolio in the Western Desert includes 4 other developmental wells: EAST SAMRA-14, AL DIOR-49, HEBA-127, and SAMRA-69. Aggregate production figures from these wells have reached 1,220 barrels per day.
According to the assessment conducted by Egypt Oil & Gas covering the period from October 2011 to March 2012, Qarun’s production figures have been seesawing on a downward trajectory. The analysis concluded that the company’s crude oil production rates averaged 1,694,862 barrels.
Over this period, crude production peaked in October 2011, standing at 1,799,570 barrels, and hit its lowest point in February 2012, falling to 1,581,103 barrels.
Qarun Petroleum is a jointly owned company between the Egyptian General Petroleum Corporation (EGPC) and American Oil operator Apache Corp.