DEA extends offshore oil field concessions in Egypt

German oil company DEA has said it has extended its concessions for the Ras Budran and Zeit Bay oil fields in the Gulf of Suez, offshore Egypt. The two fields are among the oldest producing fields in Egypt.

Tarek El-Molla the Egyptian Minister of Petroleum and Mineral Resources, and DEA’s General Manager Sameh Sabry signed the new concession agreement.

Per DEA’s statement on Thursday, the new agreement extends the concession for five years ending mid-2022. It includes an optional extension of another five years until 2027, subject to mutual agreement.

Sameh Sabry says: “I am delighted that we managed to agree on a concession extension. DEA has been active offshore in the Gulf of Suez for more than 40 years. The fields are valuable assets in DEA’s Egyptian portfolio and we see upside potential in these mature oil fields.”

DEA, which has so far produced over 650 million barrels of crude oil as an operator in the Gulf of Suez, has said that it is currently at the Ras Budran and Zeit Bay fields carrying out a workover campaign for existing wells, drilling side tracks and replacing existing pipelines with new ones of larger capacity, at the two offshore fields, with the aim to increase production.

“Joint cross-functional expert teams from DEA Egypt and DEA’s international operations are supporting the activities of our Joint Venture company Suez Oil Company. With the implemented measures, we are not only working on further increases in production, but we are also sustainably increasing the safety and asset integrity of the infrastructure to the benefit of the environment”, says Sameh Sabry. “DEA’s recent engagement underlines the company’s confidence in the potential of Egypt’s oil and gas industry”, he adds.

 

Share this article

Follow Offshore Energy Today

Events>

<< Jan 2020 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply