Egypt has awarded RWE Dea two offshore concessions in the Gulf of Suez.
The offshore concessions come after the International Bid Round 2013 launched by the state-owned Egyptian Natural Gas Holding Company (EGAS).
Operations will see seismic reprocessing and two exploration wells at East Ras Fanar Offshore, where the German oil and gas firm will hold 100% of the shares and one well at Northwest El Amal where Edison International will hold 50% of the shares.
Maximilian Fellner, general manager of RWE DEA said: “The East Ras Fanar Offshore Block is located offshore in shallow water depth in the central Gulf of Suez close to Dea’s Ras Fanar oil field. The Northwest El Amal Block lies offshore in the southern Gulf of Suez between the July and Amal oil fields, in the vicinity of the giant Morgan oil field and the latest significant oil find in the Gulf of Suez – the Saqqara field.
“Both blocks provide promising opportunities in an area, where we know the geological conditions very well.”
The new concessions will increase the company’s number of operated licenses in Egypt from six to eight. The East Ras Fanar Offshore Block covers an area of approximately 187 square kilometers, while the Northwest El Amal Block covers approximately 365 square kilometers.