Egypt Kuwait Holding unit completes drilling first offshore gas well in North Sinai

Egypt Kuwait Holding (EKH) on Wednesday said its subsidiary NSCO Investments Limited completed drilling its first gas well in the offshore North Sinai concession.

Through one of its subsidiaries, EKH owns a 99.99 percent stake in NSCO Investments Limited. The company said the well was drilled to a total depth of 1,698 metres at a cost estimated at $15 million.

The well is located in the Kamous Development in North Sinai.

NSCO placed the well on production on July 13, making a daily production of 25 million cubic feet, the company added. It is expected to generate revenues of more than 500 million Egyptian pounds ($30.1 million) for NSCO in the next two years.

The company is also completing drilling works on another offshore well in Kamous to be place on production in the third quarter of the current year, EKH stated.