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Egypt Drilling & Rigs Activity Report 2005 - 2010
PICO Energy Services, Nov 2010, Pages: 40
The Oil & Gas business in Egypt is dynamic and active with few major players having the biggest shares of activity and several more small to medium sized players with fierce competition on their way. The market is also witnessing a couple of new major national oil companies that are finding their ways in the market.
This report gives an overview on the drilling and rig activity market in Egypt and highlights the major events that took place from 2005-2010. It is therefore divided into two sections, the first presenting the drilling operations including players and costs, whereas the second section describes the rig activity for the same period and upcoming plans for the market.
In the drilling activity section an overview of the market reveals that until the third quarter of 2010; 388 wells have been drilled so far, which marks a success despite the slowdown in the economy when compared to the 325 wells drilled during the same period in 2009.
Drilling activity is no longer concentrated only in the Gulf of Suez; significant growth is seen in the Western Desert areas with more development wells than exploratory wells.
Apache continues to be the most active in drilling, with more wells than the rest of the majors in the Western Desert. Eni-Agip is also very active, with spread operations in Sinai, Gulf of Suez and Mediterranean Sea.
With the increase in Brent prices, drilling costs have skyrocketed; the average drilling of a well in the Med Sea is $26.3 million, and in the Western Desert it is $1.73 million.
Moving onto the rig market section, there are 142 contracted rigs classified as 108 operating, 26 stacking and 8 stand-by, as of September 2010.
There are 23 rig contractors in the market with EDC having the largest share of 60 rigs. In 2010, only 1 rig left the market and 7 new rigs joined the market.
As for the rig costs, land rigs cost per day is around $11 thousand whereas offshore rigs cost around $100 thousand per day.
The report concludes with some highlights on the major plans for rig contractors for 2011, and any major changes projected to take place.
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