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Egypt signs agreement for concession in the Gulf of Suez

HAMBURG, Germany -- RWE Dea has announced that the Egyptian Ministry of Petroleum has signed the Concession Agreement for the East Ras Budran Offshore area with the Egyptian General Petroleum Corporation, RWE Dea and Dove Energy. RWE Dea will operate the concession with an 80% share, with Dove holding the remaining 20% interest.

The concession, with an area of 45 sq km, is located offshore the Gulf of Suez, nearby one of RWE Dea’s existing assets, Ras Budran, and related production facilities.

RWE Dea plans to acquire a 3D seismic survey and drill one exploration well during the first three-year exploration period. Exploration activities will target the Cretaceous sandstones play RWE Dea successfully drilled in the adjacent Ras Budran oil field. Any discovery will benefit from important synergies with the existing production facilities that will allow for a quick and optimised development.

Including its predecessor company, RWE Dea Egypt has already been engaged in upstream operations in Egypt for almost 40 years and has produced oil in the Gulf of Suez as operator for three decades now. In recent years, the company has made a number of large gas discoveries in Egypt and extended its portfolio substantially by acquiring additional concessions. RWE Dea is engaged in 10 onshore and offshore concessions in Egypt with a total area of about 6,500 sq km.

The block East Ras Budran Offshore was offered in the International Bid Round 2011 of the Egyptian General Petroleum Corporation and awarded to RWE Dea at the end of last year.

12/19/2013

 

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