Germany’s RWE Dea inks Egypt block pact

File of oil rig pumpjacks extracting crude from the Wilmington Field oil deposits area where Tidelands Oil Production Company, which is owned by Occidental Petroleum Corporation, operates near Long Beach, California18 December 2013, News Wires – RWE Dea is gearing up to start exploration on the East Ras Budran Offshore block off Egypt after finally putting pen to paper on a concession agreement.

The German explorer, which was awarded the 45 square-kilometre block in the Gulf of Suez late last year, is committed to shooting  3D seismic and drilling one exploration well under the three-year concession agreement signed this week with the Ministry of Petroleum.

RWE is targeting prospective resources in the same Cretaceous sandstones that yielded the company’s nearby Ras Budran oilfield and believes any discovery could potentially be exploited using the latter’s existing production facilities.

The company, which operates the block with an 80% stake alongside 20% partner Dove Energy, holds a total of 10 onshore and offshore concessions in Egypt covering 6500 square kilometres.


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