Cheiron, a subsidiary of the Egyptian conglomerate PICO Group, has acquired a 50% stake in Sahara North Bahariya Ltd, the owner of the North Bahariya Concession in the Western Desert, for $83m. The North Bahariya Concession covers an area of 177 sq km with six oil fields: Abrar, Ferdaus, Ganna, Rawda, Sadra, and Rayan. The North Bahariya Concession has been offered for sale for six months, according to the sources. The Improved Petroleum Recovery Group (IPR) owns a 30% stake in Sahara North Bahariya, and INA Naftaplin owns 20% of the company’s shares. The French company ENGIE has sold the West El Burullus (WEB) offshore gas concession in Egypt to Cheiron on Monday.

Source: Daily News Egypt May 10, 2017 17:15 UTC