Global Leader in International Oil and Gas Industry News

posted in:

Petroceltic International Plc award of Egyptian licence

Friday, Nov 09, 2012

Petroceltic International plc ("Petroceltic" or "the Company"), the upstream oil and gas exploration and production company focused on North Africa, the Mediterranean and Black Sea regions, is pleased to announce its participation in a joint venture which was the successful bidder on Block 12 'El Qa'a Plain' in the 2011 Egypt General Petroleum Corporation (EGPC) bid round which closed on March 29, 2012.

Partners in the application were Petroceltic (37.5% Working Interest), Dana Petroleum (37.5% Working Interest, as Operator), and Beach Petroleum (25% Working Interest). The block is composed of two largely unexplored areas covering 1824 square kilometres in the southern part of the Sinai Peninsula, east of the prolific Gulf of Suez. The overall licence term for the Block is 6 years, with the work commitment in the first 4 year period comprising the acquisition of a minimum 450 square kilometres of new 3D seismic data and the drilling of at least one exploration well.

It is expected that the new concession will be formally awarded in 2013 following the ratification process which culminates when each concession is passed into law by the People's Assembly (Parliament).

Source: Petroceltic

To access over 3,000 of the latest oil projects from across the world visit Projects OGP for free trial today

posted in:

Other Oil & Gas News

Air Products to Feature Its Range of Industrial Gas Supply Options and Advanced Gas Technologies at PTXi 2014 24-04-2014
FAR Ltd provides an update on current drilling program in Senegal and future plans in Kenya 24-04-2014
Hess announces sale of Thailand oil and gas assets 24-04-2014
Energid's Actin Software Revolutionizes Oil and Gas Exploration 24-04-2014
Bakken Energy Corp Begins Negotiation to Buy Oil Refinery in Southern Utah Uinta Basin 24-04-2014
Ferus Natural Gas Fuels Acquires Encana's Share in Alberta LNG Plant 24-04-2014
Fincantieri Offshore chooses AVEVA software for a revolutionary project 24-04-2014
Gazprom and Austria discuss alternative Russian gas routes to Europe 24-04-2014
APPEA: Time to lift barriers on New South Wales natural gas development 24-04-2014
BP to sell interest in four Alaska North Slope oil and gas assets 24-04-2014