Egypt Oil & Gas has learned that Offshore Shukeir Oil Company Co. (OSOCO) is preparing to launch a tender for a new rig for its development plan for the current fiscal year in the Gabal Al-Zayt concession area in the Gulf of Suez.

The company will drill three development wells beginning December worth $1.3m, with production scheduled to start at the beginning of 2016.

At least 480 mcf/d is expected to be extracted.