Gulf Hibiscus awarded block in Egypt
CAIRO, August 5, 2015 – Gulf Hibiscus has been awarded exploration and production rights for the South East Ras El Ush concession, also known as block 2, located in Egypt’s Gulf of Suez, the Hibiscus Petroleum subsidiary announced on Tuesday.
The concession deal was awarded by the Ganoub El Wadi Petroleum Holding Company, which is attached to Egypt’s Ministry of Petroleum. Gulf Hibiscus, which will commit about $8 million for the first, four-year exploratory phase, bid alongside its partner Pacific Oil for 50:50 ownership of the block. Pacific Oil will take over responsibilities as operator.
Covering 68 square kilometres, the basin included in the concession contains more than 1,900 drilled wells, 123 producing fields and 180 million barrels of oil produced per year. Two wells that had been previously drilled for commercial oil and gas in the West Ashrafi field are also included in the concession, with the potential to be further developed by existing onshore facilities.
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