Alam El Shawish West
The Alam el Shawish block was awarded to Vegas through an EGPC licensing round. Vegas was the sole participant and operator upon award in 2005.
Vegas drilled 2 wells on the Karam structure in 2006 resulting in successful tests at Kharita, Abu Roash and Bahariya levels. In 2007, the Bahga-1 well proved to be a commercial oil discovery at Abu Roash-G and Bahariya levels.
- Vegas farmed out a 45% interest to GDF Suez in November 2007
Six discoveries were made by Vegas as operator, Al Karam (2006), Al Barq (2007), Bahga (2007), Al Assil (2007), Al Magd (2008) and Najm (2008)
In September 2007, the Company formed a Joint Venture operating company with EGPC (PetroAlam) to manage the fields, as required under the concession agreement. Vegas operated the license from inception through first oil in December 2007, until the subsequent farm out to Shell in 2009.
- In 2009, Shell acquired a 40% interest and operatorship of the licence by taking 20% from Vegas Oil and Gas and 20% from GDF Suez
Sales gas was first delivered to the local market in July 2010.
The Bahga oil field serves as a gathering hub for all the black oil fields in the block. From Bahga, oil is transported to Shell’s Sitra facilities in the adjacent Sitra block.
The gas fields are tied back to Shell operated Badr el Din facilities in the adjacent block.
In 2012, Vegas commissioned a Competent Persons Report (CPR) which was performed by Netherland, Sewell & Associates (NSAI). The report covered the Alam Al Shawish West Concession located in the Western Desert. The report estimated 2P reserves of 127.9 mmbo liquids and 224.6 mmboe gas equivalents giving a total gross 2P estimate of 352.6 mmboe. The Company net working interest reserves were some 123.4 mmboe as of the report date of 31st December 2011.