Rashpetco, Burullus Gas plan to invest $167mln in FY19/20

Drilling is underway at the Montu well with an initial cost of $99mln

  
FILE PHOTO: Drilling rigs operate at sunset in Midland, Texas, U.S., February 13, 2019. Picture taken February 13, 2019.

FILE PHOTO: Drilling rigs operate at sunset in Midland, Texas, U.S., February 13, 2019. Picture taken February 13, 2019.

REUTERS/Nick Oxford/File Photo

Cairo – Mubasher: Rashid Petroleum (Rashpetco) and Burullus Gas Company plan to inject investments worth $167 million during fiscal year 2019/2020, chairman of the two companies Sabry El-Sharkawy said.

Drilling is underway at the Montu well with an initial cost of $99 million, El-Sharkawy added in a statement released by the Egyptian Ministry of Petroleum on Monday.

Three wells at West Delta are currently being drilled at deep-water depth within the few next months, he revealed, expecting the three wells to have an initial output of 180 million cubic feet of gas per day.

Source: Mubasher

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