RWE Dea will now operate and hold 100% stake in the East Ras Fanar Offshore and 50% interest of the Northwest El Amal concession, with the remaining 50% owned by Edison International.
RWE Dea Egypt general manager Maximilian Fellner said: "We are very pleased with the result of the latest Bid Round, as both new concessions provide a valuable addition to our balanced oil and gas license portfolio in Egypt.
"Both blocks provide promising opportunities in an area, where we know the geological conditions very well.
"The investments in the Gulf of Suez and further projects in Egypt emphasize the long-term commitment of Dea to the country."
The compnay’s initial work on the concessions will include seismic reprocessing and two exploration wells at East Ras Fanar Offshore and one well at Northwest El Amal.
The East Ras Fanar Offshore block covers an area of approximately 187km² in shallow water depth in the central Gulf of Suez close to Dea’s Ras Fanar oil field.
Covering approximately 365 km², the Northwest El Amal Block is located in the southern Gulf of Suez between the July and Amal oil fields.
The license award is subject to Egyptian President approval.
Image Link: Map of RWE Dea’s new licences in the Gulf of Suez. Photo: courtesy of RWE Dea.
