Egypt ratifies TransGlobe Energy Corporation’s four production sharing concessions

oil egypt-nestor galina flickrThe company’s primary objective was to obtain the 655 sq km North West Gharib PSC. (Image source: Nestor Galina/Flickr)Egypt has ratified TransGlobe Energy Corporation’s four production sharing concessions (PSCs), which the firm won in the 2011/2012 Egyptian General Petroleum Corporation (EGPC) bid round

It is expected that the new PSCs will be effective later this month following the settlement of signature bonuses and an official signing ceremony.

According to the company, the primary objective was to obtain the 655 sq km North West Gharib PSC, which surrounds and immediately offsets the company’s core 182 sq km West Gharib/West Bakr PSC.

The company added that at North West Gharib it expected to commence drilling in the first half of 2014. More than 79 drilling locations were identified based on existing well and seismic data for the area.

The 195 sq km South West Gharib PSC is located immediately south of the North West Gharib concession. The company intends to acquire 3D seismic over the entire concession prior to drilling wells in the first exploration phase.

The 508 sq km South East Gharib PSC is located south of the South West Gharib concession. TransGlobe Energy Corporation said that it would acquire extensive 2D and 3D seismic over this area prior to drilling wells in the first exploration phase.

The 1,883 sq km South Ghazalat PSC is located to the west of the recent Jurassic gas/condensate and Cretaceous oil discovery at North Dabaa 1X in the East Ghazalat PSC. The firm is likely to acquire extensive 3D seismic over this area prior to drilling wells in the first exploration phase.

Ross Clarkson, CEO of TransGlobe Energy Corporation, said, “The approval of the four new PSCs represents a significant milestone in the company’s continued growth and commitment to Egypt. This will increase the company’s land position in Egypt by 160 per cent to 5261 sq km and will provide continued growth opportunities to us for many years to come.”

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