Egyptian independent Cheiron has secured a $75mn loan from a local banking syndicate led by Banque du Caire to help finance the development of the firm’s West el Burullus (WEB) project. The $75mn equates to 45.5% overall $165mn development costs, Cheiron says.
Cheiron initially hoped to produce 150-180mn cfd from the West el Burullus and Papyrus fields, 15km offshore in just 15 metres water depth 65km northeast of Alexandria (see map above), but subsequent development drilling has proven disappointing, MEES learns (MEES, 17 January). The output target has been revised down to 100mn cfd with first gas potentially as early as June, although slippage to H2 is possible, a source at Egypt’s oil ministry says. (CONTINUED - 163 WORDS)
