Project Profile
Value: Undisclosed
Location: Southern province of the Gulf of Suez Region in
Water Depth: 20m
Production: 3,500 bopd with total remaining reserves of 29 mmboe
In the southern province of the Gulf of Suez Region in 20m water depth. It lies approximately 8 Km to the southeast of the Gemsa peninsula, about 60 Km to the north of Hurghada City and 20 Km south of Zeit Bay field.
The first commercial discovery declared in the eastern district of Gemsa by Shell Egypt in1988.
Shell assigned all its rights in this concession to PICO effectively in July, 1st 1995. In PICO’s efforts for its legal re-structuring, the field now is under the control of PICO Gemsa a Special Purpose vehicle in British Virgin Islands (BVI Company).
Since the field was bought, Gempetco implemented a water injection scheme, in addition to drilling several wells, workovers and the transformation of 2 wells from single string to dual string WI for better distribution. The field’s peak production reached 5,500 boepd.
Currently producing 3,500 bopd with total remaining reserves of 29 mmboe.
Operators:
PICO Gemsa: Operator with 100% interest