MEES Analysis: Bid Round Offers Century Old Acreage

On the last day of 2014 Ganoub El-Wadi Petroleum Holding Company (Ganope), launched a bid round for 10 blocks in the heavily-explored southern Gulf of Suez region and onshore on the east and west banks of the Nile.

Ganope, the arm of state oil firm Egyptian General Petroleum Corporation (EGPC), coordinating exploration in Upper Egypt, has invited firms to bid for production sharing agreements (PSA) by the end of March.

Some of the blocks have been explored as recently as 2012, while one block was originally spudded more than a century earlier in 1910.

The West Gabal El-Zeit block, in the shallow waters (max depth 11ms) of the southern Gulf of Suez is 132 km² and was first spudded in 1982 by Houston-based Marathon. It has been drilled a total of 19 times, most recently by US firm Devon Energy in 2006, but without significant discoveries. Devon’s Egyptian assets were bought by Dana Petroleum (now part of Korean state firm KNOC) in 2007. The South East Ras El-Ush, also south of the Gulf of Suez was drilled a total of five times between 1998 and 2007 by Eni-led Agiba, two of the wells made (presumably minor) discoveries but were “temporarily abandoned”. (CONTINUED - 501 WORDS)

DATA INSIDE THIS ARTICLE

table Ganope Bid Round Blocks