RWE Dea has been awarded a new offshore concession in Egypt, East Ras Budran Offshore
The block was offered in Egyptian General Petroleum Corporation’s 2011 International Bid Round.
The East Ras Budran Offshore concession was awarded to RWE Dea as operator with an 80 per cent share. Dove Energy holds the remaining 20 per cent share of the concession.
It is situated adjacent to the company's operated production license Ras Budran in the Gulf of Suez near the shore of the eastern Gulf of Suez coast.
"We are pleased to have been offered this new concession, as it provides a valuable addition to our balanced oil and gas license portfolio in Egypt," said Maximilian Fellner, general manager of RWE Dea Egypt.
"The block is located in a prolific oil prone area and provides an exciting add-on to RWE Dea's operations in the Offshore Gulf of Suez.”
The East Ras Budran Offshore concession, which covers approximately 46 sq km, carries very good technical and commercial potential to explore for hydrocarbons.
The new concession increases the company's number of operated licenses in Egypt to six.
RWE Dea has a total of 13 onshore and offshore concessions in Egypt, across a concession area of about 19,000 sq km.
The license award is subject to approval from the Egyptian Parliament.
