ESA & PSA
GPC has been playing a pioneering role in cooperation with foreign companies in the field of Exploration & Production Service agreements (ESA & PSA) in some of the company fields. The aim of such agreements was to transfer modern technology in the spheres of petroleum industry and provide investments for the operations of prospecting, exploration and development of different fields. These agreements are as follows
GPC contracted with Scimitar as a heavy oil development contractor in Essaran Field on November 4, 1998, with the objective of applying the Enhanced Oil Recovery (EOR) and maximizing the reserves that could be developed. Applicable development axes were used according to modern technology in the production of high velocity heavy oil and enhancement of field reservoir production. Steam injection experiments were made with positive results on 30/7/2001. The commercial development announcement of the project was declared on 18/10/2001. The original recoverable reserves of Issaran Field were maximized to rise from 2.9 million barrels by the end of 2003/2004 to reach 41.6 million barrels on 30/6/2017.
Production and Exploration Service Agreement in Area A in the Eastern Desert Fields including the Fields of Karim, Ayun, Um El-Yusr and Wadi Dara was signed with the following companies:
- The French GeoPetrol on 6/8/2002
- The Australian Oil Search on 5/12/2005
- Kuwait Energy at the present time,North West Shukeir Field was discovered in February, 2009 and put on the production map. The original proven reserves were maximized to rise from 82.7 million barrels by the end of 2001/2002 to reach 328.9 million barrels on 30/6/2017
Exploration Service Agreement for West Gharib Exploration Area - Block G in the Eastern Desert was signed on 8/6/2009 to be effective for three years. Maseda Field was discovered (2011) with an estimated original in place at 42.2 million barrels of crude oil maximized to 74.8 million barrels of crude oil , and original reserves of 3.9 million barrels, maximized to 14.96 millio barrels of crude oil in 30/6/2017
Undoubtedly, the successful joint cooperation system has greatly contributed to the achievement of many oil discoveries. This, in turn, has resulted in the increase of production and reserve rates through the application of modern techniques and developed geological theories. GPC experiment in the field of petroleum agreements literally imposes itself as a model of success for the whole oil sector.