Perenco established operations in Egypt in October 2004 with the acquisition of a 50% interest in the then undeveloped Offshore North Sinai (ONS) gas assets.
Perenco is the Operator and now holds 100% of the ONS Contractor Group interest. ONS includes the Tao, Kamose and Seti Plio leases. Production from the Tao field started in February 2009 with plateau production of 180 mmscfd reached shortly afterwards.
Production has averaged 86 mmscfd (14 300 boepd) in 2012, with the natural decline being partly compensated by the two new wells successfully drilled in 2012. Perenco's objective is to go back to the 180 mmscfd plateau by 2014 with our current development project portfolio.
In October 2010 Perenco and the Egyptian Ministry of Petroleum signed an amendment to the existing gas sale agreement whereby Perenco committed to an additional development consisting of six wells, a new offshore platform and sea lines. Two wells were successfully drilled in 2012 and Perenco plans to drill four additional development wells by 2014.