Petroleum Africa
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Thursday, May 11, 2017
Cheiron PICO, a subsidiary of Pico Group, acquired 100% of Engie’s West El Burullus gas concession. The West El Burullus concession is located in the shallow waters of Egypt’s Mediterranean coastal waters.
The West El Burullus is a producing concession that contributes to Egypt’s daily totals. The concession holds recoverable reserves of around 200 Bcf of gas and 3 million barrels of condensates. The concession’s production is planned to reach 100 Mcf/d in 2020.
The sale of the concession was undertaken by BNP Paribas, who invited more than 50 companies to participate. Over 10 of the companies invited to participate signed confidentiality agreements.
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