RWE Dea To Drill 4 Wells In Egypt's Gulf Of Suez in October

RWE Dea AG will drill four wells in Ras Fanar oil field in the Gulf of Suez next month, a senior official at RWE Dea Egypt said Wednesday.

The four wells are extensions to the Ras Fanar main field, which started production in 1984. RWE Dea said last August that the entire structure was likely to contain up to 70 million barrels of oil.

"We have expected the huge potential in Ras Fanar field. So, we will start next October to drill four wells in Ras Fanar field," the senior official said.

RWE Dea operates 100% of the Ras Fanar concession but SUCO, a joint venture between RWE Dea and state-owned Egyptian General Petroleum Corp., operates the field's development and production.

RWE Dea last August began oil production from a drilled well that extends the Ras Fanar main field and was the first to be drilled to the west of the main field.