Our Assets

Mexico

Altamira

The Altamira field is a heavy oil, mature and shallow onshore reservoir in the contractual area of the same name in Northern Mexico. The service contract for the exploration, development and production of hydrocarbons at Altamira was awarded to Cheiron’s Mexican subsidiary in 2012.

Cardenas Mora

On 4 October 2017, Cheiron was awarded a 50% share and the operatorship in a production sharing agreement covering the Cardenas Mora fields, with PEMEX holding the remaining interest. The Concession is valid until 2042 with the option of two extension periods of five years each.

A total of 109 wells have been drilled since the fields were discovered in 1980-1981. Of these, 9 are currently active in Cárdenas and 5 in Mora, with current production of 11,200 bbl/d of oil and 26 MMscf/d of gas.

Romania – Oporelu-Constantinesti, Silistea-Magureni, Chislaz, Cosesti and Cosminele

Cheiron has 116 mmboe of oil and gas in place (OOIP) across very mature fields in Romania that have been shut down for nearly 20 years. The three concessions are mainly small-size onshore “brown” oil and gas fields. Oporelu-Constantinesti, Silistea-Magureni, Cosminele and Cosesti are located in South Central Romania while Chislaz lies in Northwestern Romania. Cheiron owns 51% of these concessions, with plans of implementing a very aggressive development program to capture significant EOR potential.

North Zaafarana

The Company assumed operations at Zaafarana in 1999 after it acquired 60% of British Gas’s 50% share in the concession. In 2010 the company acquired a further 25% share from Anadarko Petroleum and currently operates the Concession with an interest of 80% (with Sahara O&G holding the remaining 20%). At a depth of 57 meters, the site’s infrastructure includes eight wells operated by electrical submersible pumps (ESP) as well as the only Floating Production, Storage and Offloading (FPSO) vessel in the region, with a capacity to process and store 800,000 bbls of crude. A new concession on the same acreage has recently been awarded to Cheiron and Sahara O&G until 2033. The new concession’s production sharing agreement stipulates a cost oil of 40% and a profit oil of 20% or 25% (out of the remaining 60%) according to cumulative production levels and oil prices.

Amal

Acquired in 1994 from Total, the Amal field is located offshore in the southern province of the Gulf of Suez, approximately 15 km southeast of BP’s Morgan Oil Field. Cheiron owns 100% of this concession. The concession’s production sharing agreement stipulates a cost oil of 40% and a profit oil of 20% (out of the remaining 60%).

South Ramadan

Cheiron owns a 37.25% stake in the South Ramadan Concession which is located in the southern province of the Gulf of Suez, 15 km northeast of the Ras Shukeir Field Base. The site includes two platforms and two production lines, with a terminal at Ras Gharib used to store crude oil. Contingent resources at the South Ramadan concession are estimated at a total of 13.56 mmbbls. The concession’s production sharing agreement stipulates a cost oil of 30% and a profit oil of 22% (out of the remaining 70%).

North Magawish

Awarded in 2015 but not yet ratified, the North Magawish concession is located offshore in the southern province of the Gulf of Suez. The block was acquired as part of the Company’s expansion drive and despite the declining oil environment. Cheiron owns 100% of the concession. Prospective resources at the North Magawish concession are estimated at a total of 4.21 mmbbls.

East Gemsa

The South East Gemsa oil field is located offshore in the southern province of the Gulf of Suez, at a water depth of 20 meters. South East Gemsa was the first oil field discovered in Egypt in 1869. Cheiron owns 100% of this concession, which it acquired in 1995 from Shell. The concession’s production sharing agreement stipulates a cost oil of 40% and a profit oil of 19% (out of the remaining 60%).

West Tawila

The West Tawila Concession covers an exploration acreage located offshore in the Southern Gulf of Suez. The Company owns 100% of this concession. The concession’s production sharing agreement stipulates a cost oil of 35% and a profit oil of 22.5% (out of the remaining 65%).

Geisum & Tawila West

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 includes 87 wells, six offshore platforms, five production pipelines and an onshore storage facility, forms the center of the company’s production and storage hub. Cheiron was awarded this concession by EGPC in 2007 and currently operates the Concession with a 60% interest, with KUFPEC owning the remaining 40%. The concession has recently been renewed until June 2027. The concession’s production sharing agreement stipulates a cost oil of 40% and a profit oil of 19% (out of the remaining 60%).

North Bahariya

Cheiron holds (through its affiliate Sahara North Bahariya Limited) a 50% working interest share and the operatorship in the North Bahariya Concession, with IPR and INA holding the remaining 30% and 20%, respectively. The Concession is located in the Western Desert and covers an area of 177 square kilometers. The Concession contains five oil fields, namely Abrar, Ganna, Sidra, Ferdous, and Rawda mainly producing from the Upper Bahariya and Abou Roash reservoirs.

Cheiron acquired Sahara North Bahariya Limited in 2017 and currently operates the Concession. The concession’s production sharing agreement stipulates a cost oil of 35% and a profit oil share of around 15% (out of the remaining 65%).

West El Burullus

Cheiron owns a 100% working interest in the West El Burullus Concession, acquired from Engie in 2017. Two gas and condensate discoveries are currently being developed with an expected first gas delivery in 2020. WEB is located in the western part of the offshore Nile Delta, at water depths of around 35 meters. The concession’s production sharing agreement stipulates a cost gas of 35% and a profit gas share of around 35% (out of the remaining 65%).