Pravda.ru

News » Economics

Egyptian Petroleum Concession

12.08.2002 | Source:

Pravda.Ru

 

Agreement Dover Petroleum Corp. and Dover Investments Limited signed Concession Agreement for Petroleum Exploration and Exploitation throughout the East Wadi Araba Area of the Gulf of Suez. The Concession Agreement covers an area of 393 square kilometers (151.7 square miles). Dover Investments Limited is a party to the Concession Agreement with the Arab Republic of Egypt and the Egyptian General Petroleum Corporation. Dover Petroleum Corp.'s wholly owned subsidiary, Dover Petroleum Egypt I, Inc., owns a 50% interest in Dover Egypt I JV, which is a party to an Option Agreement entitling Dover Egypt I JV to acquire 100% of Dover Investments Limited operator's interest in the East Wadi Araba Concession Agreement. Under the Option Agreement, and as required by the Concession Agreement, Dover Egypt I JV has budgeted spending of $12 million for drilling of 6 proposed exploration wells over the next 7 years. Drilling of the first of two exploration wells is expected to start in September.

©

&to=http://www.doverpetroleum.com' target=_blank>Dover Petroleum

 







Popular photos


Most popular

Russia wipes out secret centre of Western coalition
Russia wipes out secret centre of Western coalition
The Fars News has reported that ‘The Russian warships fired three Caliber missiles at the foreign officers' coordination operations room in Dar Ezza region, killing 30 Israeli and western officers’.
Putin teaches Obama a lesson
Putin teaches Obama a lesson
Jackson Diehl, Deputy Editorial Page Editor of one of the most famous US newspapers The Washington Post, claimed that ‘In the great American debate about Syria, there has been an intervention by...
Рейтинг@Mail.ru Rambler_s_Top100_Service