Saudi ADES Holding Company has signed a long-term agreement to invest $66 million in the oil fields of the Suez Oil Company (SUCO) and the Offshore Shukeir Oil Company Co (OSOCO), both subsidiaries of the Egyptian General Petroleum Corporation.
ADES elaborated that it plans to invest USD 30 million (SAR 112.5 million) in SUCO and USD 36 million (SAR 135 million) for OSOCO during the first three years of the agreement to achieve incremental production.
This comes as part of a consortium partnership with a leading local Exploration and Production (E&P) player to operate and enhance production in key oil brownfields in Egypt.
“Through a synergetic effort, the consortium will aim to achieve incremental production levels that surpass the current baseline production at the two brownfields, with ADES being entitled to incremental production returns based on a mutually agreed formula,” it stated.
