Saudi ADES wins contract to operate, revamp oil brownfields in Egypt

Updated 12/13/2023 8:52:00 AM
Saudi ADES wins contract to operate, revamp oil brownfields in Egypt

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%.

 

Related News