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Natural gas

Discovery of Third Oil Field on Qarun Concession in Egypt

Strategic Insights

— 1 min read

The Phoenix Resource Companies, Inc. and its partners have announced the discovery of a third oil field, the Sakr field, located on the Qarun Concession in Egypt. The Sakr-1X well has produced an average of 405 barrels of oil per day using artificial lift methods. The well is situated in the oil-bearing Bahariya sandstones of the Cretaceous age, and the crude has an API gravity of approximately 39 degrees. The Sakr field is eight kilometers west of the Qarun A and Qarun B fields, which are currently being developed.

Key Takeaways:

  • The Sakr-1X well has produced an average of 405 barrels of oil per day at an API gravity of approximately 39 degrees.
  • The well is located in the oil-bearing Bahariya sandstones of the Cretaceous age.
  • The Sakr field is the third producer from four wells drilled by the group on the two-million-acre Qarun Concession.
  • Development of the Sakr field is under evaluation and will likely become part of the Qarun A and Qarun B field development project.
  • The Phoenix Resource Companies, Inc. is the contractor-operator of the Qarun Concession and owns 50 percent of the contractor interest.
  • Apache Corporation and Global Natural Resources each hold a 25 percent interest in the concession.
  • The Sakr-1X well was drilled between 9,306 feet and 9,326 feet in the oil-bearing Bahariya sandstones.

Statistics:

  • 405 barrels of oil per day: average rate of production for the Sakr-1X well.
  • 39 degrees: API gravity of the crude oil produced by the Sakr-1X well.
  • 50 percent: ownership percentage of the Phoenix Resource Companies, Inc. as contractor-operator of the Qarun Concession.
  • 25 percent: ownership percentage of Apache Corporation and Global Natural Resources in the Qarun Concession.
  • 2 million acres: size of the Qarun Concession.
  • 4: number of wells drilled by the group on the Qarun Concession.
  • 3: number of producers from the wells drilled on the Qarun Concession.

Sources:

  • "Phoenix Resource Companies, Inc. Announces Discovery of Third Field in Egypt" (APA PHN GNR)
  • Apache Corporation press release, 21 November 1995.

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