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.