Established in the late 1980s, Cheiron (formerly known as PICO International Petroleum and then as the PICO Cheiron Group) has since evolved into Egypt’s largest independent E&P company. In 1990, the company reached a working-interest production of 5 thousand barrels of oil per day (boepd) after acquiring the rights to mature and declining fields in Egypt’s Gulf of Suez.
After having established its leading position in the Egyptian oil and gas sector, the company began to explore opportunities beyond borders. By 2012, Cheiron had established a presence in the Mexican market after being awarded a services contract in the area of Altamira in Northern Mexico. The following year, Cheiron further expanded its reach with a royalty contract for five concessions in Romania. Today, the Company has attained a working-interest production of 31 thousand boepd and is actively seeking to diversify its asset base geographically and by product, with an increasing exposure to natural gas.
Acquired Total’s rights in its production sharing agreements for the Amal, Shukhler Bay, South Ramadan and Gamma fields in the Gulf of Suez (GoS).
Acquired Shell’s 100% equity share in East Gemsa, offshore GoS.
Bought KUFPEC’s 73.5% equity share in Amal field, offshore GoS.
Purchases British Gas’s equity share in North Zaafarana field, offshore GoS.
The Company makes a strategic move to diversify into gas production, seeking opportunities across Egypt and MENA region.
Amal field gas clause approved by the Egyptian government, marking the Company’s entry into commercial gas production.
The Company acquires a 35% stake of the East Alamein concession in the Western Desert from Vegas Oil & Gas. During the same year the Company was awarded the first producing asset, Geisum, to be tendered by the Egyptian government with an exploration and development commitment of USD 120 million over the first three years.
Negotiated an extension for Amal, Gemsa and South Ramadan concessions, acquired operational control of South Ramadan and negotiated new gas pricing at Amal.
Cheiron Petroleum Corporation (Cheiron) pursued opportunities beyond borders and was awarded a services contract in the area of Altamira in Northern Mexico. On the local front, Cheiron acquired a further 25% in Zaafarana field from Anadarko Petroleum.
The Company is awarded the West Tawila exploration concession in the GoS and extends its Amal, Gemsa and South Ramadan concessions. Meanwhile, the Company’s diversification drive lead to gas facilities being commissioned at Amal on the local front while internationally the Company is awarded five royalty concessions in Romania.
The Company negotiates the migration of its Mexican service agreement into a PSC and extends its licenses in Romania. On the local front the Company acquires SK share in the Zaafarana concession and signs an Amal gas sales agreement; meanwhile its Horus concession expires.
Completed the first phase of the Amal development plan and awarded 100% of the North Magawish concession.
The Company expands its local footprint with the acquisition of two new fields in North Bahareya and West El Burullus , adding new basins to its asset base. Meanwhile a new Board of Directors is established with increased governance responsibilities, as opposed to a previous role limited to advisory.
Cheiron was awarded the license and operatorship for Cardenas Mora in Mexico.
Cheiron was awarded the new North Zaafarana Concession for a period of 15 years.
The Geisum & Tawila Concession was successfully extended until June 2027.