Gulf of Suez
The project involves an investment of approximately $600 million.
The operations in the field are managed by PetroGulf Egypt Joint Operating Company on behalf of the Egyptian General Petroleum Corporation with a 50 percent share, and partners: Cheiron-BECO and Cove Energy with a 50 percent share.
The new fishing season started in the Gulf of Suez on Thursday after a five-month-ban to allow a biological rest, protect fish, and give the opportunity for fishermen to maintain their boats.
The new oil field is the first discovery by Dragon Oil since it became an active player in the petroleum sector in Egypt.
The turtle was launched from a marine boat at the Marine Sports Club.
The new discovery comes with an initial production rate of 2,000 barrels per day of crude oil, and it is estimated that there are about 70 million barrels of recoverable crude oil.
The Gulf of Suez amounted to 71,000 crude oil a day, pointing out to a plan to increase the company's production through digging more fields.
The agreement was signed by Chief Executive Officer of the Petroleum Authority Abed Ezz al-Ghanim, and Regional President of British Petroleum (BP) North Africa Hisham Makkawi.
Egypt’s Cabinet approved on Wednesday the request of a consortium to construct an additional 500 MW wind farm in the Gulf of Suez.
Total investment in Orascom’s Engie-Toyota Tsushois estimated at $400 million.
The wind farm is developed by a consortium of Egypt’s Orascom Construction, France’s GD France, and Japan’s Toyota.
In an Asian tour this month, Minister of Investment and Chairman of the Suez Canal Authority targeted signing contracts and MoUs for Suez Canal zone.
The solar plant is planned to be located in the Gulf of Suez.
The House of Representatives on Tuesday approved six fresh bills delegating the minister of petroleum and mineral resources to sign new exploration deals.
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