RWE Dea has been awarded two new offshore concessions with operatorship by the Egyptian General Petroleum Corporation (EGPC). The concessions are located in the Gulf of Suez, where the company is producing oil as operator for more than 30 years.
Dea will become operator of two new concessions in the Gulf of Suez. Dea will hold a share of 100% of the East Ras Fanar Offshore and 50% of the Northwest El Amal concession, with Edison International SpA holding the remaining 50%.
“We are very pleased with the result of the latest Bid Round, as both new concessions provide a valuable addition to our balanced oil and gas license portfolio in Egypt,” says Maximilian Fellner, General Manager RWE Dea Egypt.
The East Ras Fanar Offshore Block is located offshore in shallow water depth in the central Gulf of Suez close to Dea’s Ras Fanar oil field. The Northwest El Amal Block lies offshore in the southern Gulf of Suez between the July and Amal oil fields, in the vicinity of the giant Morgan oil field and the latest significant oil find in the Gulf of Suez – the Saqqara field.
“Both blocks provide promising opportunities in an area, where we know the geological conditions very well,” Fellner explains. This year, Dea is celebrating 30 years of successful oil production in the Gulf of Suez. “The investments in the Gulf of Suez and further projects in Egypt emphasize the long-term commitment of Dea to the country,” Fellner added.
The upcoming work program for the concessions will include seismic reprocessing and two exploration wells at East Ras Fanar Offshore and one well at Northwest El Amal.
The new concessions will increase the company’s number of operated licenses in Egypt from 6 to 8. The East Ras Fanar Offshore Block covers an area of approximately 187 square kilometers, while the Northwest El Amal Block covers approximately 365 square kilometers.
The license award is subject to approval from the Egyptian President.
Press Release, September 17, 2014