Qarun Petroleum Company

Our Company

At a Glance

Qarun Petroleum Company (QPC) was established on August, 13th 1995, as an operating company for EGPC and the group consisting of Phoenix Resources Company of Qarun, Apache Oil Egypt Inc, and GNR Seagull at Qarun area of the Western Desert covered by the concession agreement. between the government of A.R.E. (represented by EGPC) and the said group. Effective May 1996, Phoenix and Apache merged in Apache Egypt Inc. Effective December 19th, 1996 Apache Egypt Inc. assigned and transferred all its assets to Apache Qarun Corporation I. D.C. Effective March 1999, Seagull and Ocean Energy merged into Ocean Energy. On November 19th, 1995, early production started using temporary facilities with an average production rate of 3500 BOPD. On May th 1997, QPC succeeded, wihtin18 months, to complete the permanent facilities and put the field on production with an average production rate of 38,000 BOPD. Being a new discovery in Upper Egypt, President Mubarak was keen to inaugurate production start-up on June 20th, 1995. His Excellency paid another visit to Qarun Base on June 9th, 1997 to inaugurate permanent facilities activities. East Ras Budran was assigned to Qarun on March 2008 where the exploratory well East Ras Budran A-1x, was tested 1900 BOPD.

Mission, Vision & Goals

Our Mission
Our Vision
Our Goals

History

2011/2012 fiscal year has been a year of several successes for Qarun. These successes have been demonstrated in the following:

  • Actual production achieved reached 20٫469 MMSTB, versus 19٫766 MMSTB, which is 4% over the forecast.
  • In the area of development a total of one hundred one wells were drilled, seventy six wells as oil producers, and twenty five wells as water injectors to support the reservoir pressure.
  • Two hundred ninety five completion, recompletion, frac, ESP, sucker rod pump replacement, installation, water shut off and work over operations were performed.
  • Total Expenditures reached $ 417.85 MM versus $ 395.97 MM budgeted which represents 6% over the budget. Actual Exploration Expenditures reached $ 17.04 MM versus $ 56.75 MM budgeted. Total Development Expenditures reached $ 297.72 MM versus $ 243.24 MM budgeted. Actual Operating Expenditures reached $ 103.08 MM versus $ 95.98 MM budgeted.
  • The actual cost per barrel reached $5.04 versus $4.86 budgeted.
  • Renewal of OHSAS 18001 certification.
  • It is worth mentioning that such achievements were made as a result of the industrious of Qarun staff and the support of the Shareholders.

Environment & Safety

Concern for the environment is one of Qarun's basic responsibilities and a long-standing company commitment. The Environment Protection Department provides leadership on environmental issues and ensures that the company operates in an environmentally responsible manner. Qarun has developed a broad array of operational requirements, engineering standards and performance guidelines to direct its commitment. These include sanitary codes, project environmental assessments, air and water quality standards, occupational health regulations, hazardous material communication guidelines, waste management procedures and vital oil spill contingency plans. Of parallel importance is the commitment to safety. The Loss Prevention Department's mission is to ensure the safety of The Company employees and the public, as well as company assets, by identifying hazards, by controlling risks and by educating and motivating company personnel and their families to work and live safely.