Arab Finance: The Egyptian General Petroleum Corporation (EGPC) has awarded the Saudi ADES Holding Company a service contract agreement to operate and boost the production capacity of the oil brownfields of OSOCO and SOCO oil firms in Egypt, according to a press release by ADES.
Coming as part of a consortium with an Egyptian exploration and production partner, the 10-year award contract is renewable for an additional 10 years.
The contract’s financial impact to reflect on the company’s earnings by 2025, with a contribution to the company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) estimated at 5%.