Phillips Group Discovers Light Crude at South Umbaraka
A consortium comprising Phillips and Conoco of the US and Repsol of Spain has discovered light crude oil and gasin the South Umbaraka concession area in Egypt's Western Desert. According toreports from Cairo, the discovery well - Sidus No. 1 - tested at a rate of 3,867b/d of 43.4 API crude oil and 4.1mn cu. ft./ day of gas from a 46-ft. pay zoneat a depth of about 12,000 ft. This is the group's second...