EGPI Firecreek's subsidiary Firecreek Petroleum, Inc., is progressing with several international pipeline engineering and construction companies in preparation of a design concept for The Sahara Group pipeline project in Turkey. The design concept is scheduled for discussion at the mid-November technical meeting in Ankara with Turkish officials. As recently announced, Firecreek is the Operations partner of The Sahara Group multi national consortium which is also currently working with the Turkish government to develop an alternative to the dangerous and environmentally sensitive Bosporus Straits shipping route (Istanbul, Turkey). The concept will employ and construct a state of the art pipeline system from the Black Sea to the Aegean Sea. The two main goals of the pipeline are to support the increased transfer of Oil (and tanker stand by time) from the rapidly increasing production from Russian Petroleum Resources for which EFCR has recently announced significant developments; while also significantly reducing the environmental impact and risk associated with the current Oil tanker traffic through the very small and heavily populated Bosporus Shipping Channel. Currently there are some 8,500 tankers passing through this very small shipping lane per year which is forecast to rise to as much as 14,000 ships in the next few years to support the projected increase in supply from the region. The Sahara Group pipeline concept is under a letter of intent with the Turkish governments Energy Ministry.
Management believes through the planned use of state of the art technological applications with its current entry into recent select world oil market opportunities in Russia, Libya, Romania, Turkey and the Sudan coupled with the hard work of the Firecreek team will bring tremendous growth for the Company and upon completion, long term ongoing revenues from participation in this project.
EGPI Firecreek Inc. through its Firecreek unit is focused on oil production with an emphasis on acquiring oil fields with proven reserves, the rehabilitation of potentially high throughput oilfields, resource properties and inventories on an international basis. Management has over 25 years of experience and has been involved in oil and gas operations in 7 U.S. states and 13 countries worldwide. Other companies in the oil sector include Marathon Oil Inc. (MRO), Pantina Oil and Gas Inc. (POG), Frontier Oil Inc. (FTO) and Cabot Oil and Gas Inc. (COG).