PetroShahd Company has finalized a deal with Petroleum Pipelines Company (PPC) to transfer the crude oil produced by the company to the shipping area of PPC in Mostorod, official source told Egypt Oil & Gas.

The total cost of the project reached $1million. The deal included receiving the excessive quantities of crude oil till the company ends the construction work of establishing a receiving station owned by the company with a total investment of $1million.

Formerly, PetroShahd came across a new exploration of layer that was found for the first time in the area of East Ras Qattara in the Diaa-1 field, last year.

Diaa-1 was tested and proved an outcome of 1500 barrels per day, the company is working continuously to place that exploration on the production line through founding ceaseless production facilities for the field.

It is worth mentioning that PetroShahd succeeded in many exploration till last March 2010, Shahd, El Zahraa field, Rana, and Diaa.

PetroShahd is a joint venture company between EGPC and the Chilean firm Sipetrol.