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Wednesday, December 4, 2013
Dragon Oil plc received news from Egypt’s state-run firm that covers the petroleum industry in Upper Egypt, Ganope, that its offer for Block 19 in the Gulf of Suez has been initially accepted. The award comes from the bid submitted in Ganope’s 2012 International Bid Round.
Ganope’s last bid round offered up 20 exploration blocks in the Western Desert, Eastern Desert, Red Sea, and the Gulf of Suez.
Block 19 East Zeit Bay is located offshore in the southern Gulf of Suez in water depths ranging from 10 to 40 meters. The block covers an area of 93 sq km and has a number of producing oil fields that are adjacent to or near it. Dragon Oil plans to conduct a seismic acquisition and analysis over an area of approximately100 sq km and drill two wells during the initial exploration period.
Dr Abdul Jaleel Al Khalifa, CEO, said: “I am delighted to announce this successful bid by Dragon Oil in Egypt’s Ganope International 2012 Bid Round #1. The block’s location in shallow waters fits well with our expertise and represents a strategic move for Dragon Oil in the country rich in hydrocarbon resources and opportunities. “We look forward to working closely with the host government to apply our experience and technical knowledge in Egypt. Today’s announcement is yet another step towards the diversification of Dragon Oil’s portfolio of assets.”
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