Salah Diab’s Cheiron PICO acquired 50% of Sahara North Bahariya Ltd, which owns North Bahariya Concession in the Western Desert. The company paid $83m to EFG Capital Partners, reported Al Borsa.

The acquired shares were owned by EFG Capital Partners Fund III, which is a subsidiary from EFG Hermes Investment Bank.

The transaction was processed and the final contracts were signed after obtaining the approval of the Egyptian General Petroleum Corporation (EGPC). Cheiron has totally settled the transaction’s payment.

The acquisition will enable Cheiron to work outside of the Gulf of Suez for the first time.

North Bahariya Concession is a producing concession, not a newly discovered one. It covers 177 km2 lands, and it contains six oil field, Abrar field, Fardous field, Jana field, Rawda field, Sedar field and Rayan field.

The six fields produce over 8000 barrels of crude oil. The concession’s reserves were estimated at 31m barrels in June 2016. The concession has been producing for 10 years.

Earlier this week, PICO Group subsidiary, Cheiron PICO, had also acquired 100% of French Engie’s West El Burullus gas concession, which is located in shallow offshore Mediterranean waters.