Scimitar Production Intl Ltd acquired by Inpector Capital
Scimitar Production Intl Ltd acquired by Inpector Capital
On 28 March 2019, Inpector Capital BV announced that it had acquired Scimitar Production Egypt Ltd. (Scimitar), the operator of the Issaran concession with a 100% interest. The concession comprises Issaran oil field, which is producing about 2,200 bo/d.
Inpector Capital BV appointed Erik Vollebregt as Executive Chairman of Scimitar Production Egypt. Previously, Vollebregt had served as the commercial and finance director of Shell Nigeria.
Background Information
The Issaran field is the northernmost oil field located on the western bank of the Gulf of Suez. It was discovered by Louisiana Land & Exploration in 1981 with new-field wildcat Issaran 1. The company drilled another five wells in 1983 prior to decide that the discovery was subcommercial. LL&E farmed out the area to Arco, which drilled two further wells before relinquishing the tract in 987. Subsequently, the General Petroleum Company was awarded the area and began production from the Issaran field in December 1987. The Issaran field contains heavy to extra-heavy oil (10-12°API) and produces from three reservoirs. Rally and Scimitar launched Cyclic Steam Stimulation (CSS) in 2007 with success and production increased to 6,000 bo/d by mid-2007. Different completions were developed for each zone: open hole for wells producing in the Nukhul reservoir; Upper and Lower Dolomite Formation were completed as cased and open hole steam injection wells, producing by cyclic steam stimulation.
Inpector Capital BV appointed Erik Vollebregt as Executive Chairman of Scimitar Production Egypt. Previously, Vollebregt had served as the commercial and finance director of Shell Nigeria.
Background Information
The Issaran field is the northernmost oil field located on the western bank of the Gulf of Suez. It was discovered by Louisiana Land & Exploration in 1981 with new-field wildcat Issaran 1. The company drilled another five wells in 1983 prior to decide that the discovery was subcommercial. LL&E farmed out the area to Arco, which drilled two further wells before relinquishing the tract in 987. Subsequently, the General Petroleum Company was awarded the area and began production from the Issaran field in December 1987. The Issaran field contains heavy to extra-heavy oil (10-12°API) and produces from three reservoirs. Rally and Scimitar launched Cyclic Steam Stimulation (CSS) in 2007 with success and production increased to 6,000 bo/d by mid-2007. Different completions were developed for each zone: open hole for wells producing in the Nukhul reservoir; Upper and Lower Dolomite Formation were completed as cased and open hole steam injection wells, producing by cyclic steam stimulation.