Cheiron is pleased to announce that the ED-2X well has been put on production on 26 September 2023 after the commercial discovery of gas on the East Damanhur block in the Nile Delta at the end of 2022. Cheiron acquired a 40% working interest in the block in October 2020 through an exploration farm-in, the Concession partners are Wintershall Dea (the operator, with a 40% working interest) and INA (20% working interest). The gas well was promptly connected to the…
New oil discovery near the GNN oil field in the Gulf of Suez
Cheiron is pleased to announce that it has made a new oil discovery in the Geisum and Tawila West Concession (“the Concession”) in the Gulf of Suez. Cheiron (through its PICO GOS affiliate) holds a 60% working interest and operatorship in the Concession, with Kufpec holding the remaining 40% interest (together, the “Partners”). The field operations are managed by the PetroGulf Misr Joint Operating Company on behalf of EGPC (50%) and the Partners (50%). The discovery was made by the…
GNN Oil Field Early Production Facility Brought on Stream
Cheiron Energy, the largest independent Egyptian oil and gas E&P company, is pleased to announce that the Early Production Facility (“EPF”) for the GNN oil field in the Gulf of Suez has been brought on stream. The GNN field is located in the Geisum and Tawila West Concession (“the Concession”) in which Cheiron (through its PICO GOS affiliate) holds a 60% working interest and Operatorship, with Kufpec holding the remaining 40% interest. The EPF has been installed in the central…
West El Burullus Project Sanction
Cheiron, is pleased to announce that it has recently sanctioned the West El Burullus (“WEB”) offshore gas field development in the shallow waters of the Mediterranean Sea. Cheiron operates and holds a 100% working interest in the WEB Concession and the project will be executed through Cheiron’s PetroWeb Joint Venture company. The development comprises two gas fields, namely, WEB and the nearby Papyrus field, and will involve the installation of two new platforms and the drilling of 6 wells and…
First Oil Achieved from the GNN Discovery in the Southern Gulf of Suez, Egypt
Cheiron announces that the GNN-4 well, which was drilled to appraise the recent GNN oil discovery, has been completed and successfully tested at initial rates of over 2,000 bopd. The well was drilled as a high angle wellbore from the existing Geisum D platform and has been placed on long term production using the existing field infrastructure. The discovery, which contains an estimated 260 MMbbls of oil in place, is located on the Geisum and Tawila West Concession (the “Concession”)…
Cheiron Makes One of the Most Promising Discoveries in the Geisum Area
In mid 2019, Cheiron, through the Petrogulf Joint Operating Company, made an encouraging exploration discovery in the Nukhul formation north west of the main Geisum field. This is the first time that the Nukhul sand has been found to be hydrocarbon bearing in the Geisum and Tawila West Concession area (the “Concession”). Petrogulf (an Operating Company of EGPC, Cheiron and Kufpec) is currently drilling the first of three appraisal wells that will allow the partners to delineate the discovery and…
The Geisum & Tawila West Concession Extended until June 2027
Cheiron is pleased to announce the extension of the Geisum & Tawila West Concession until June 2027. Under the terms of the extension, two exploration wells will be drilled in 2019. Cheiron operates the Concession with a 60% working interest, with Kufpec Egypt holding the remaining 40%. The Geisum & Tawila West Concession is located at the southern entrance of the Gulf of Suez, and covers the North Geisum, South Geisum, Northeast Geisum and Tawila West fields. The site, which…
Cheiron Petroleum Corporation Wins Mexican Cardenas-Mora Onshore License Bid
Cheiron Petroleum Corporation is pleased to announce that its wholly owned subsidiary Cheiron Holdings Ltd (the “Company”) placed the winning offer to partner with Pemex on Mexico’s onshore Cardenas-Mora license. The offer included a cash bonus of $41.5 million plus an amount to be paid in recognition of Pemex’ previous investments on the block. Under the terms of the license contract, the Company will acquire Operatorship and a 50% interest in the block and Pemex will retain the remaining 50% interest. The contract represents one of the first new…
Cheiron Completes Acquisition of West El Burullus Concession
Cheiron is pleased to announce the complete acquisition of 100% working interest in the West El Burullus Concession from the French energy group Engie, following the Minister of Petroleum’s approval of the Deed of Assignment. West El Burullus and its satellite field Papyrus are shallow-water gas discoveries located in the western part of the Nile Delta Basin in the vicinity of major producing fields such as Abu Qir and Rosetta. Project sanction is currently planned in 2018 and the two…
New CEO for PICO International Petroleum and Cheiron Petroleum Corporation
Ian Hewitt has stepped down as Interim CEO after successfully leading a substantial turnaround of the E&P business delivering significant production, reserves and NPV add. In response to low commodity prices the shareholders asked Ian to step in in early 2016 to improve the robustness and resilience of the business. Restructuring activities over the past 14 months have included changes to the Board and Governance processes in the Company, along with planning and organisational improvements designed to enhance performance. The…