PetroAmir to invest $12 million in the GoS

Petro Amir prepares for the beginning of its water injection project, in the North West Gemsa Concession, the Gulf of Suez.

The implementation of this $12 million project is part of the company’s new plan for the fiscal year of 2010-2011.

“The company aims at increasing the production rates of crude oil and natural gas from the NW Gemsa,” a top official told Egypt Oil & Gas.

“Currently, the average oil production rate counts for nine thousand barrels per day, from the Korayem layers in the Amir and Geyad fields. Moreover, a total of 2.6bmillion barrels of crude oil were produced at the end of last fiscal year 2009-2010.”

The company conducted several studies that showed the possibility to double the volume of crude oil reserves and increase the current production rates.

PetroAmir is the Joint venture company between the Egyptian General Petroleum Corporation and the Greek Vegas Oil & Gas.


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