HAMBURG, Germany – RWE Dea has been awarded the East Ras Budran offshore concession.
The company will operate with an 80% interest, in partnership with Dove Energy. The 46-sq km (17.7-mi) block was offered under Egyptian General Petroleum Corp.’s International Bid Round 2011. It is adjacent to the company’s operated production license Ras Budran in the Gulf of Suez.
Maximilian Fellner, general manager of RWE Dea Egypt, said: “The block is located in a prolific oil prone area…the East Ras Budran Offshore concession carries very good technical and commercial merits to explore for hydrocarbons.”
Confirmation of the license award is subject to approval from the Egyptian Parliament.