Offshore staff

HAMBURG, Germany -- The crude oil reservoir Ras Budran in the Gulf of Suez, 4 km (2.5 mi) off the coast of Sinai, is celebrating 25 years of crude oil production, says operator RWE Dea AG.

SUCO was founded as a joint venture between RWE Dea as operator and the Egyptian General Petroleum Corp. to develop the field. Production commenced in 1983 with some 60,000 b/d of oil. To date, some 267 MMbbl of crude have been produced.

Last year the production concessions for the oil production areas in the Gulf of Suez were renewed by a further 10 years, with additional capital spending being earmarked for more development.

05/14/2008