Project Profile
Value: US$155 million
Location: Offshore in the southern province of the Gulf of Suez
Production: 9,000 boepd with total remaining reserves of 126 mmboe
Offshore in the southern province of the GoS. It is 55 km to the southeast of Ras Gharib City, about 15 km to the southeast of the Morgan Oil field and 20 km to the north of the onshore gas facilities at Ras El-Ush Area. It is also located 7 km to the east of the shipping lane.
The field was declared commercially viable by the end of 1985 by GPC, Total and Proche Orient.
In 1994 PICO purchased 10.5% of Racebrook’s interest in the field, followed by KUFPEC’s 73.5% and Grey stone’s 2.5% in 1998, it is now owned by the new BVI company, PICO Amal.
The field has been appraised by drilling 5 new wells at which a new oil producing horizon is discovered. In addition to the ongoing upgrading to the facilities and laying 24 inch offshore pipeline at which Amapetco assumes the operatorship.
The field’s current production is 9,000 boepd with total remaining reserves of 126 mmboe.
Previous Operators:
PICO Gemsa: Operator with 86.485% interest
Greystone: 13.515% interest
Current Operator:
Harouge: 100%