Vegas Welcomes Shell in Egyptian Concession
Vegas Oil & Gas
|Friday, January 15, 2010
Vegas Oil and Gas has welcomed Shell Egypt as a partner in the concession of Alam El Shawish West, located in the Western Desert area, Egypt.
The deal, which has already been approved by the Egyptian authorities, will result in Shell Egypt being the operator with 40%, Vegas Oil and Gas 35% and GDF SUEZ 25%. Shell Egypt already operates the neighboring gas infrastructure facilities in the Badr El Din area.
The Alam El Shawish West Concession was awarded to Vegas Oil and Gas in 2007 and is one of the major concessions in Egypt with significant oil and gas reserves.
Vegas Oil and Gas was founded in 2003. Apart from its participation in the Alam El Shawish West Concession, it is currently the operator of two concessions in Egypt, namely the North West Gemsa Concession (Eastern Desert) and East Ghazalat (Western Desert). In five years Vegas made nine oil and gas discoveries with a 70% rate of exploration success in Egypt.
With regard to the current deal, Dr. Michael Earle, Country Manager Egypt, stated, "Our goal is not only to find oil and gas but to develop these valuable resources in the most responsible way for the country. Combining the expertise and knowledge of the partners is a testament of the continuing development of the Alam El Shawish West Concession and will contribute to the further development and welfare of Egypt."
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