Wintershall Dea, Cheiron and INA signed an agreement to jointly explore the East Damanhour onshore block, with approval from Minister of Petroleum and Mineral Resources, Tarek El Molla, a press release issued by Wintershall Dea announced.
According to the statement, Egypt-based company Cheiron will hold a 40 percent working interest of the contractor’s share, while the Croatian INA acquires a 20 per cent working interest. Accordingly, Wintershall Dea will remain operator of the concession with a working interest of 40 per cent of the contractor’s share.
As per the agreement terms, the new partners will contribute to the exploration activities financially and with technical expertise.
In this Regard, Hugo Dijkgraaf, Chief Technology Officer and Board Member of Wintershall Dea said “we are pleased to have Cheiron and INA on board for an exploration programme that will see up to seven wells drilled at East Damanhour over the next years.”
“For Wintershall Dea, this is the latest development in our long and successful 45-year history in Egypt, and we look forward to getting started.” he added
On the other side, Sameh Sabry, Senior Vice President and Managing Director of Wintershall Dea in Egypt commented “we know the area well, so we anticipate low geological risks. Furthermore, our existing infrastructure at Disouq means that we are well placed to quickly develop any commercial discoveries.”
It is worth noting that the East Damanhour concession was originally signed between the Egyptian Natural Gas Company (EGAS), representing Egypt and Wintershall Dea, as contractor, on 10 February 2020.