Gulf Oil and Gas accountACCOUNT

$1 Billion British Investments in Oil and Gas Domains

Source: www.gulfoilandgas.com 1/15/2012, Location: Africa

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The Egyptian General Petroleum Corporation ( EGPC ) prepared a joint plan with British Petroleum co. (BP) to implement programs for exploratory drilling, development and maintenance of wells , the establishment of new oil platforms , rehabilitation of a number of offshore oil platforms and production lines to maintain the infrastructure. In addition, the development of current reserves and to add new reserves in the Gulf of Suez and the Mediterranean Sea areas. The investments of the plan implemented by the joint companies (GUPCO and Pharaonic Petroleum Cos.), operating on behalf of EGPC and BP , exceeding 1 billion dollars, to be pumped during the fiscal year 2012/2013.

GUPCO's Chairman, Eng. Abdul Qadir Abdellah, pointed out that the budget for the new year is the largest, ever, in the history of the company's investments which exceeds $ 900 million, and targets maximizing production rates, reserves as well as maintaining the infrastructure, increasing developmental and exploratory rigs to reach 5 rigs, maintenance of 27 wells, thus contributing to keep production rates at a level of 80 thousand barrels of oil per day. The company's budget includes about $ 63 million allocated for wells development and exploration in Sinai region to put 3 new wells on stream during 2012.

For his part, Eng. Ahmed Hosni, Chairman of Pharaonic Petroleum Company , clarified that the new year plan includes investments of $322 million approximately , from British Petroleum Co. and the Italian IEOC for drilling 6 wells at Ras El-Bar concession area at the Mediterranean Sea, at Haapi, Tort and Seth fields. This will be reflected in the natural gas production increase of the company to reach 720 million cubic feet per day, in addition to the implementation of expansion projects at the offshore production terminal at Port Said, carried out by Enppi and Petrojet with investments up to $258 million to increase its capacity.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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