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Chinese state-owned firm North Petroleum International (NPI, also known as Zhenhua Oil), last April quietly entered Egypt – the first Chinese state firm to do so – buying the Egyptian producing assets of Greek firm Vegas.
The two companies have said little on the transaction, but MEES analysis of partner companies’ filings suggests a price of around $750mn for net output of around 8,000 b/d and 45mn cfd of gas across three concessions, two of which the Chinese firm now operates.
The biggest oil producer is Northwest Gemsa in the Eastern Desert (NPI 50% and operator, Irish independent Circle 40%, Canadian-registered minnow Sea Dragon 10%). Here gross output was around 10,400 b/d and 9mn cfd gas for 2014, giving the Chinese firm 5,200 b/d and 4.5mn cfd on a net basis.
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