Egypt

EGPC Signs $120M Deal with Cheiron to Boost Gulf of Suez Oil Production

Published on : 2024-07-28

Engineer Kareem Badawy, the Minister of Petroleum and Mineral Resources, met with a delegation from Cheiron Energy, led by Engineer Amr Diab, Chairman of the company, and David Thomas, Board Member, to discuss plans for new investments to increase oil and natural gas production.

Minister Kareem Badawy highlighted the importance of Cheiron Energy's partnership with Egypt in oil and gas production, emphasizing the need to support exploration and production activities to increase reserves and output, and to develop infrastructure. He also praised the role of modern technologies in achieving these goals.

Cheiron Energy officials outlined their intensive work program in their onshore and offshore concession areas, planning to increase the number of drilling rigs to achieve the shared goal of boosting production and reserves. They also aim to enhance natural gas production from the West Burullus Offshore Development Project.

Following the discussions, an agreement was signed between the Egyptian General Petroleum Corporation, Cheiron, and Kuwait Foreign Petroleum Exploration Company (KUFPEC) to inject $120 million to develop the Geisum and Tawila West area in the Gulf of Suez. The agreement includes drilling nine wells, including three exploratory wells, to increase production from approximately 21,000 barrels of crude oil per day to 26,000 barrels per day.

The signing ceremony was attended by Geologist Alaa El-Batal, CEO of the Egyptian General Petroleum Corporation; Engineer Yas Mohamed, Chairman of the Egyptian Natural Gas Holding Company (EGAS); Dr. Samir Raslan, Undersecretary of the Ministry for Agreements and Exploration; and Engineer Ahmed Mostafa, Undersecretary of the Ministry for Production.

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