Middle East Economic Survey
Devon And Partners Awarded Two Egypt Blocks
Devon Energy of the US has been awarded two blocks in Egypt, one in the Gulf of Suez and the other in the Western Desert. Devon will hold 65% of the South October block in the Gulf of Suez while its Japanese partner Teikoku Oil will hold 35%. The deal calls for two exploratory wells to be drilled and 270sq km of 3D seismic acquired over a three-year exploration period during which $17mn will...