Egypt has announced the results of its delayed 2014 exploration bid round.
The round sought to find companies to explore 10 areas in the Gulf of Suez, the Eastern Desert, and east and west of the Nile. Six of those area offshore in the south Gulf of Suez.
Ganoub El-Wadi Petroleum Holding Company (Ganope), an entity of Egypt's Ministry of Petroleum received seven offers to explore five sites covering 23,200sq km, or 50% of the exploration sites offered, three of which were offshore, with a total investment of at least US$100.3 million, reported Daily News Egypt.
Offshore, Emirati Pacific Oil was awarded the offshore South East Ras El Ush concession (Block 2) in the north-west of the Suez Gulf. Pacific Oil will be the operator of the concession with partner Hibiscus Petroleum subsidiary Hibiscus Egypt.
Block 2 is an offshore exploration block located in the southern Gulf of Suez, the most prolific petroleum province in Egypt. The block covers 68sq km in up to 75m, and is surrounded by development leases.
Block 2 also contains the discovered West Ashrafi field, which is included in the Award of Concession, and may be developed with a production tie-in to the nearby existing onshore infrastructures. Two wells previously drilled in the West Ashrafi field had tested commercial oil and gas.
Magawish Petroleum won Block 4, or North Magawish, a site in the north zone of the southern Gulf of Suez covering 194sq km. Egyptian Trident Petroleum won Block 6, called North West Sea Bird, north-west of the Gulf of Suez covering 191sq km.
The awards are subject to the execution of a definitive agreement.
Subscribe
