GDF SUEZ expands its presence in exploration-production in Egypt

abarrelfullabarrelfull wrote on 13 Mar 2015 14:16

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May 4, 2010

GDF SUEZ has completed the acquisition from Ieoc, an Eni affiliate in Egypt, of a 50% stake in the Ashrafi offshore oil licence located in the South West of Gulf of Suez. Ieoc holds the remaining 50% interest in this licence.

The production phase of the Ashrafi field began in 1992 and 11 wells are still producing approximately 4,800 barrels per day. The license covers an area of 124, with a reservoir depth ranging between 1,500 and 2,000 m.

Following a recent gas discovery on the West El Burullus concession, this new acquisition confirms GDF SUEZ's long term involvement in exploration-production in Egypt and its ambition to build up a balanced
portfolio, based on exploration and producing assets.

With West El Burullus, North Damietta and Alam El Shawish, this fourth license reinforces the development
strategy of the Group in Egypt and broadens its cooperation with other Egyptian partners.

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