Premier Oil Acquires a 20% Stake in North Red Sea Block 1 Under a Farm-In Deal with Hess

摘要

The British firm Premier Oil has announced the signing of a farm-in agreement with Hess Corporation of the United States for the acquisition of a 20% interest in the North Red Sea Block 1 concession, in which Hess currently has a 100% holding. Premier Oil had previously acquired the South Darag block in the Gulf of Suez, following an international bid round launched recently by Egyptian General Petroleum Corporation (EGPC), and it thinks the oil plays of the Gulf of Suez stretch as far as the Red Sea.