Eni said Oct. 25 that the Sidri 36 appraisal well hit a hydrocarbon column of 200 m in the Gulf of Suez on the Abu Rudeis Sidri development lease offshore Egypt.
The well was drilled south of the Sidri South discovery to assess field continuity westward in a down dip position, the company said in a news release. Hydrocarbon was encountered in the clastic sequences of the Nubia Formation. The well was drilled by Petrobel, which is equally held by Eni and the Egyptian General Petroleum Corp.
Within the next few days Eni said plans are to complete the well and began production. An initial flow rate of about 5,000 barrels per day is expected.
“Petrobel immediately conceived a rapid development plan for the new discovery with a ‘fast-track’ approach, leveraging on existing infrastructures in the vicinity of the well and maximizing facilities synergies,” Eni said in the release. “This strategy will be applied also in future activities in the Sidri area with the next delineation and development wells connected to the production in a short time.”
Compelling returns at $50 WTI portend bright supply picture.
Leasing hot spots, improved drilling metrics and more reveal some silver lining in the cloud hanging over Midcontinent producers.
Average U.S. daily oil output will fall below 2019’s record 12.2 MMbbl/d for the next two to three years, analysts said.