Middle East Economic Survey


No 52



Vegas Takes On Operatorship Of Western Desert Concession

Greeces Hellenic Petroleum has sold 70% of its interest in the West Obayed concession in Egypts Western Desert to Athens-based Vegas Oil and Gas, which has also taken over as operator of the 1,841 sq km acreage. A Hellenic statement said the company decided to sell part of its rights in the framework of its portfolio management to create value and spread its risks. Hellenic...