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EGYPT - Rosetta - Rasheed Petroleum (Rashpetco).

Formed in 1997 to develop and market natural gas from the offshore Rosetta block, Rashpetco is a JV of EGPC (50%), British Gas (operator with 20%), Shell Egypt (10.2%), Shell Austria (9.8%) and Edison Int'l (10%). Edison is a US unit of Italy's Montedison chemical group. Rosetta block, north of the Delta town of Rasheed, lies between Abu Qir to the west and Baltim to the east and has a giant gas field found in April 1997 with important extensions found subsequently and total proven reserves now are 2 TCF. The first find was in 200 ft of water 48 km N-E of Alexandria in three net gas zones of over 460 ft of sandstone at about 6,000 ft and tested 60 MCF/d. The second, Rosetta 5, in Nov. 1997 tested 90 MCF/d which was the highest rate in any gas discovery made in Egypt. Also in Nov. 1997 Rosetta 6 tested 40 MCF/d. These and subsequent finds in Rosetta went on stream in late 1999. BG now says the Rosetta gas is of very high quality with less than 0.5% impurities. In Nov. 1997 Rashpetco signed with EGPC a 20-year take-or-pay contract whereby EGPC was committed to buy 250 MCF/d of Rosetta gas from January 2000.
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Comment:EGYPT - Rosetta - Rasheed Petroleum (Rashpetco).
Publication:APS Review Gas Market Trends
Article Type:Brief Article
Geographic Code:7EGYP
Date:Jan 10, 2000
Previous Article:EGYPT - Abu Qir/Naf Fields.
Next Article:EGYPT - Burullus Gas Co.

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