Circle Oil Plc, the Irish incorporated oil and gas exploration, development and production company, is looking to sell its 40% stake in North West Gemsa field.
The concessions are operated by a joint production company PetroAmir, whose partners include: EGPC, Zhen Hua (NPIC – 50% working interest and operator); Circle Oil Egypt Limited (40% working interest); and SDX Energy (10% working interest).
The NW Gemsa exploration license, which was converted to Al Amir and Geyad development leases, and lies in the Gulf of Suez area, has been put on offer by the company and the closing date for receiving offers was May 10th, according to Geol. Hassan Hataba, General Manager of PetroAmir.
Geol. Hataba cited difficult economic conditions, like many other oil companies, as the reason for putting up its stake for sale. He added that while several factors, such as declining in oil prices, increasing expenses and the company’s obligations to banks were the reasons for considering the sale.
