Vega Petroleum Limited (VPL), a privately owned exploration and production company, established in the British Virgin Islands with its principals from the Middle East, announced today that it has successfully received approval for working interest and operatorship in the Ras El Ush (REU) field in the Gebel El Zeit Offshore Concession, from Canadian E&P Company, Dover Investment Ltd by EGPC.
Vega is the main stakeholder and operator of REU owning 82 percent of the concession rights. REU concession covers a total area of 9.31 sq km in the gulf of Suez, one of Egypt’s most prolific petroleum provinces, which contributes 80 percent to the country’s reserves and more than 75 percent of its production.
Haytham Ataya, Managing Director, Vega Petroleum Limited, said: “This award is a key operational milestone for Vega. It demonstrates Vega’s commitment and capability to a longterm presence in Egypt.