Location:In the southern province of the Gulf of Suez Region in 20m water depth. It lies approximately 8 Km to the southeast of the Gemsa peninsula, about 60 Km to the north of Hurghada City and 20 Km south of Zeit Bay field

Discovery: The first commercial discovery declared in the eastern district of Gemsa by Shell Egypt in1988.

Legal Structure: Shell assigned all its rights in this concession to PICO effectively in July, 1st 1995. In PICO’s efforts for its legal re-structuring, the field now is under the control of PICO Gemsa a Special Purpose vehicle in British Virgin Islands (BVI Company).

Operations: Since the field was bought, Gempetco implemented a water injection scheme, in addition to drilling several wells, workovers and the transformation of 2 wells from single string to dual string WI for better distribution. The field’s peak production reached 5,500 boepd.

Production And Reserves: Currently producing 3,500 bopd with total remaining reserves of 29 mmboe.

Contractor Share: PICO Gemsa 100%

Location: Zaafarana Oil Field is located 6.5 km offshore in the northern province of the Gulf of Suez region some 25 Km to the south of Ras Abu Darag and 10 km north of Ras Zaafarana.

Discovery: The first commercial discovery was declared in 1989 by BG.

Legal Structure: In 1999 PICO Purchased 30 % of BG’s 50 % interest and now the
30% is under the control of PICO Zaafarana( BVI Company). 

Operations: Zaafarana has a 4-leg production platform that has 15 well slots. Zafco produces from 8 wells operated by ESP (electric submersible pumps) employing a unique Cable Deployed Pumping System (CDPS). The System has been operating successfully, eliminating the need for an offshore rig at the end of each pump life cycle. The produced crude is processed and stored on an FPSO having a storage capacity of 800,000 bbls.

Production and Reserves:Current production is about 7,500 bopd and total remaining reserves; 44 mmbbl.

Contractor Share: SOG 20%           SK 25%       Anadarko 25%     PICO Zaafarana 30%

Location: Offshore in the southern province of the GoS. It is 55 km to the southeast of "Ras Gharib City", about 15 km to the southeast of the Morgan Oil field and 20 km to the north of the onshore gas facilities at Ras El-Ush Area. It is also located 7 km to the east of the shipping lane.

Discovery: The field was declared commercially by the end of 1985 by GPC, Total and Proche Orient.

Legal Structure: In 1994 PICO purchased 10.5% of Racebrook’s interest in the field, followed by KUFPEC’s 73.5% and Grey stone’s 2.5% in 1998, it is now owned by the new BVI company, PICO Amal.

Operations: The field has been appraised by drilling 5 new wells at which a new oil producing horizon is discovered. In addition to the ongoing upgrading to the facilities and laying 24 inch offshore pipeline at which Amapetco assumes the operatorship.

Production and Reserves: The field’s current production is 9,000 boepd with total remaining reserves of 126 mmboe.

Contractor Share: Greystone 13.515% PICO Amal 86.485%

Location: South Ramadan Marine Development Lease is located offshore in the Southern province of the Gulf oSuez. It lies 15 km to the east-northeast of "Ras Gharib City" and about 15 km to the northeast of Ras Shukeir Field Base.

Legal Structure: PICO Purchased it’s interests in 1990 from FORUM EGYPT.

Operations: The latest block evaluation studies conducted by the GPC, GreyStone and PICO independently indicate significant hydrocarbon potentiality in Kareem, Nezzazat, and Nubia Sandstone Reservoirs.

Production and Reserves: The field is considered to have an exploration potential with an estimated remaining reserves of 4 mmbbls.

Partners:   GPC 50%   Petzed 12.75%        Greystone 12.75%          PICO 24.5%

Location: It covers some 107 km2, situated in the oil production province of the Alamein Ridge, onshore the Western Desert. The province contains a well-established pipeline system for the evacuation of oil to El Hamra export terminal, on the Mediterranean coast, some 36 Km to the north.

Discovery: The field was declared commercial in 1986 by Murphy oil and Ultramer Egypt.

Operations: PICO purchased its 35% working interest in 2007 from Kriti Oil and Gas , there is an agreed upon plan to drill 10 additional wells in the period between November of 2007 and August 2008 bringing production up to 5,544 in that year.

Production and Reserves: Current production is around 1,800 bopd and estimated remaining reserves of 12 Mmbbls.

Contractor Share: Kriti Oil and Gas 65% Horus Energy (PICO) 35%