Ocean Energy Begins Production from East Zeit

Ocean Energy has begun production at its newly-discovered find offshore Egypt which will almost double the firm's output in the country. Production began on October 15th from well A-21 in its wholly-owned East Zeit concession at an average rate of 7,000 barrels per day.

Ocean Energy's output in Egypt ranged around 8,500 barrels per day before the new find. It has a 43.75 per cent stake in South-West Gebel el-Zeit concession with Devon Energy and Egyptian independent Forum Exploration.

It is estimated that production from the A-21 will be from 7-8 thousand barrels per day and overall gross output would be in the 15,000 barrel range.

The company's net output is expected to be between 10,000-12,000 bpd. The successful exploratory well on East Zeit encountered approximately 745 feet of oil pay, however figures on initial flow test rates were not available.