Neptune Energy has begun drilling on the Yakoot prospect, in the southern Gulf of Suez. This is Neptune’s first operated well in Egypt, the company said.
The Yakoot well is in the North West El Amal concession. The offshore licence covers 365 square km. It is 42 km southeast of Ras Gharib and 105 km northwest of Hurghada.
It will drill the shallow-water well with ADES’ ADM-8 rig. The company is targeting a total depth of around 3,600 metres.
“After many months of careful preparation, working closely with our stakeholders and partners, we are fully focused on safely drilling this strategically important well,” said Neptune managing director in Egypt Alexandra Thomas.
Egypt awarded the licence to Neptune for North West El Amal in February 2019. The company shot advanced 3D seismic on the area in the first quarter of 2020.
Thomas said drilling the well was a “significant milestone” for Neptune in Egypt. It holds 100% of the licence itself.
Neptune started the offshore rig work for Yakoot in July. The company has said the well is targeting a structural trap with multiple reservoir targets.
Under the licence, Neptune must drill one exploration well in the first phase, with two more wells in the second phase.
Neptune produced 2,600 barrels of oil equivalent per day in the second quarter in Egypt, following the drilling of infill wells in the Western Desert, at the Karam and Bahga fields.
Cheiron Energy, a local independent, reported success this week in the Gulf of Suez with its own exploration work.
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