NORTH JULY CONCESSION, GULF OF SUEZ, EGYPT
IPR Energy Suez, Inc. (IPR-ES), the Operator, has 50% Working Interest (WI) in the North July (NJ) offshore field, which covers a 14 km2 area located along the west central coast of the Gulf of Suez (GOS). Devon Energy Suez, Inc. was the previous owner/operator before the acquisition by IPR-ES in January 2003. The Concession operates under Egypt’s Production Sharing Agreement (PSA).
Two wells were producing from the NJ Platform (NJ-1 & NJ-2) under the Joint Venture Operating Company Al Fanar Petroleum Company (FANPETCO), which was formed in July 1999. First oil production commenced on March 31, 2001, and the asset has produced 4.0MM barrels of water free oil and 2.6 BCF of gas. The platform and production system were constructed in 2000 with capacity in excess of 10,000 BFPD. A comprehensive static and dynamic reservoir simulation study that incorporates facies and fractures is currently underway to identify the optimum development scheme for the field, including waterflooding and possible infill/development drilling. This is in addition to enhancing the image of reflectors and faults in the field utilizing the existing 3D seismic which was reprocessed and tied into the new North Ramadan 3D survey performed.