The Gulf Hibiscus-Pacific Oil JV Clinches Offshore Block 2 in Gulf of Suez

Malaysia's Hibiscus Petroleum Berhad's wholly-owned subsidiary Gulf Hibiscus Limited clinched the South East Ras El Ush concession (Block 2) in the southern Gulf of Suez, Egypt from the Ganoub El-Wadi Petroleum Holding Company (Ganope) -- an entity of Egypt's Ministry of Petroleum, the company said in an announcement on local stock exchange Bursa Malaysia Tuesday.

Gulf Hibiscus successfully bidded for Block 2 with Pacific Oil Limited in a 50:50 joint venture, with the latter acting as operator of the concession to leverage on its management team’s experience in the country.

The offshore concession, covering an area of 26 square miles (68 square kilometers) in water depth of up to 246 feet (75 meters), is surrounded by development leases.

Block 2 contains the discovered West Ashrafi field, which is included in the concession, and may be developed with a production tie-in to the nearby existing onshore infrastructures. Commercial oil and gas were found at two wells that were previously drilled in the West Ashrafi field.

"The award is subject to the execution of a definitive agreement. Gulf Hibiscus’ financial exposure to undertake the minimum work commitment is estimated to be approximately $8 million over the first 4 years (first exploration phase)," Hibiscus Petroleum said in the release.

Have a news tip? Share it with Rigzone!


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at
 -  Petronas: LNG Train 9 in Sarawak Moves... (Jan 23)
 -  Xodus Wins Apache North Sea Well Contr... (Jan 23)
 -  FAR: SNE 5 Appraisal Well Spuds Offsho... (Jan 23)
 -  Shell to Reshuffle Head of Exploration... (Jan 23)
 -  Scottish Government Reveals New Subsea... (Jan 20)

Most Popular Articles

From the Career Center
Jobs that may interest you
Business Development Analyst
Expertise: Business Analyst|Business Development
Location: Chesapeake, VA
Attorney I
Expertise: Contracts Administration|Legal
Location: Houston, 
Project Engineer/Project Manager
Expertise: Project Management
Location: Baton Rouge, 
search for more jobs

Brent Crude Oil : $55.49/BBL 2.45%
Light Crude Oil : $52.42/BBL 2.04%
Natural Gas : $3.2/MMBtu 5.04%
Updated in last 24 hours