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02.05.2006

AWARD OF REGION TO HELLENIC PETROLEUM FOR EXPLORATION AND PRODUCTION OF HYDROCARBONS IN EGYPT

 
The Egyptian General Petroleum Corporation, EGPC, announced on Sunday, 30 April 2006, the results of the International Bid Round–1 2005 for Exploration & Production of hydrocarbons.
 
Hellenic Petroleum S.A., in the frame of its strategy to develop further its Exploration & Production portfolio, participated in the aforementioned Bid Round having submitted bids for 2 of the 13 tendered regions. EGPC has informed us that the  West Obayed block in the Western Desert was awarded to Hellenic Petroleum as operator and we were invited to participate in the final negotiations to be held in Cairo (during May) for the execution of the final contract.
 
The West Obayed block spans 1,841 square kilometers and borders with the  Obayed block, where Shell operates a gas field. The commitment of Hellenic Petroleum for the first three years of the exploration phase in West Obayed includes seismic survey and the drilling of three exploratory wells.
 
The final contract between EGPC and Hellenic Petroleum will be counter-signed by Egypt’s Minister for Petroleum and will have the force of law.
 
 

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