EGYPT

Gulf Canada Acquires 25% Interest in East Hurghada Concession

Gulf Canada Corp. has acquired a 25% working interest in the East Hurghada offshore concession (blocks 31 and 32) at the southern end of the Gulf of Suez. The other partners in the concession are Conoco (operator, 45%) and Hispanoil (30%). The acquisition is subject to the approval of the Egyptian Government. The exploration program for the year 1987 provides for the expenditure of $15.6mn on four wells, the first two of...