Egypt signs two offshore concession deals

Jul 17, 2006 02:00 AM

Egypt said it had signed two concession agreements to explore for gas and oil off its Mediterranean coast, one with British gas producer BG Group and a second with Germany’s RWE. BG Group signed an agreement with Egypt to explore for gas and oil in the North Sidi Kerir Deep Offshore Area, and the company said it would start drilling in 2008.
"We are delighted to be granted this concession area. We plan to acquire 3D Seismic in 2007 and expect to drill the first well in 2008," said Ian Hewitt, President of BG Egypt.

Egypt’s oil ministry said the deal obligated BG to drill three wells in eight years. BG said it had a 50 % stake and was operator of the concession, off the Nile Delta and adjacent to the West Delta Deep Marine Concession Area. It signed the deal along with its partner, state-owned Petronas of Malaysia, which also has a 50 % stake.
BG says it is responsible for more than 40 % of Egypt’s gas output. Egypt has proven reserves of natural gas of 66 tcf (1.9 tcm).

BG says it is responsible for more than 40 % of Egypt’s gas output. Egypt has proven reserves of natural gas of 66 tcf (1.9 tcm).
The Egyptian oil ministry said it had signed a similar deal with Germany’s RWE in the North Ameriya Offshore Area to drill four wells in nine years.

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