Pennzoil awarded fifth oil concession in Egypt

Jan 27, 1997 01:00 AM

Pennzoil Exploration and Production has been awarded Block E, the West Beni Suef exploration block, in Egypt's western desert, the Egyptian General Petroleum Corporation (EGPC) announced. The award is subject to ratification by the Egyptian parliament. Pennzoil has committed to spend $ 7 mm to acquire 2-D seismic on the block and drill three exploration wells within three years of parliamentary approval. West Beni Suef is located in Egypt's western desert, approximately 100 miles south-west of Cairo and covers 8.7 million acres. The northern portion of the West Beni Suef block is geologically similar to the adjacent Qarun basin where several oil discoveries were recently made.
Including this latest award, Pennzoil now has five exploration blocks in Egypt covering a total of 9.2 million acres. The first four blocks are located in the Gulf of Suez.
The North July block, in which Pennzoil has a 100 % interest, was awarded in October 1996 and covers 7,800 acres. North July is located in the central Gulf of Suez, immediately north of the July oil field. Pennzoil will spud its first commitment well on this block in the first quarter of 1998.
The Southeast Gulf of Suez block was awarded to Pennzoil and Repsol in December 1994. Repsol is the operator and each company has a 50 % working interest in the block. The first exploration well on this block will be spudded in the second quarter of 1997. The block covers 256,000 acres.
Southwest Gebel El-Zeit, adjacent to the Southeast Gulf of Suez block, was acquired in July 1995 as a farm-in from Forum Exploration Company. Pennzoil is the operator with an 87.5 % working interest. Pennzoil plans to acquire 3-D seismic on the block during the second quarter of 1997 and will spud its first exploration well on this block during the fourth quarter of 1997. The block covers 49,000 acres.
The West Feiran block, which lies in the east central part of the Gulf of Suez, was awarded to Pennzoil and AGIP in late 1995. AGIP is the operator and each company holds a 50 % working interest in this block. Seismic acquisition will begin on West Feiran during the first quarter of 1997, and the first exploration well will be spudded in 1998. West Feiran covers 98,000 acres.

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