Neptune Energy commences drilling operations in Egypt

Neptune Energy commences drilling operations in Egypt

Neptune Energy has begun drilling operations at its operated Yakoot exploration well, located in the North West El Amal Concession in the southern Gulf of Suez, Egypt.

It is the first operated well to be drilled by Neptune in Egypt, the exploration and production (E&P) company said in a statement on Wednesday.

The operation is being carried out with the ADM-8 rig, operated by ADES, and has a final target depth of around 3,600 metres, Neptune, which operates across Europe, North Africa and Asia Pacific, said.

Neptune was awarded the exploration licence for the North West El Amal Concession in February 2019, and acquired advanced 3D seismic data in 2020.

Neptune Energy’s Managing Director in Egypt, Alexandra Thomas, said: “Drilling the Yakoot prospect is a significant milestone for Neptune in Egypt and we are grateful for the support of the Egyptian Petroleum Ministry and the Egyptian General Petroleum Corporation (EGPC).

The North West El Amal offshore concession covers 365 km2 and is located approximately 42 kilometres south-east of Ras Gharib and 105 kilometres north-west of Hurghada.

In June this year, Italian energy group Eni and its Norwegian subsidiary, Vår Energi, reached an agreement to acquire Neptune in a $4.9 billion deal.

(Writing by Brinda Darasha; editing by