Established in the late 1980s, PICO Cheiron Group has since evolved into Egypt’s largest independent E&P company. In 1990, the company reached a working-interest production of 5 thousand barrels of oil per day (boepd) after acquiring the rights to mature and declining fields in Egypt’s Gulf of Suez.
After having established its leading position in the Egyptian oil and gas sector, the company began to explore opportunities beyond borders through its affiliate, Cheiron Petroleum Corporation. By 2012, Cheiron had established a presence in the Mexican market after being awarded a services contract in the area of Altamira in Northern Mexico. The following year, Cheiron further expanded its reach with a royalty contract for five concessions in Romania. Today, the Group maintains a working-interest production of 31 thousand boepd and is actively seeking to diversify its asset base geographically and by product, with an increasing exposure to natural gas.
Acquired Total’s rights in its production sharing agreements for the Amal, Shukhler Bay, South Ramadan and Gamma fields in the Gulf of Suez (GoS).
Acquired Shell’s 100% equity share in East Gemsa, offshore GoS.
Bought KUFPEC’s 73.5% equity share in Amal field, offshore GoS.
Purchases British Gas’s equity share in North Zaafarana field, offshore GoS.
The Group makes a strategic move to diversify into gas production, seeking opportunities across Egypt and MENA region.
Amal field gas clause approved by the Egyptian government, marking the Group’s entry into commercial gas production.
The Group acquires a 35% stake of the East Alamein concession in the Western Desert from Vegas Oil & Gas. During the same year the Group was awarded the first producing asset, Geisum, to be tendered by the Egyptian government with an exploration and development commitment of USD 120 million over the first three years.
Negotiated an extension for Amal, Gemsa and South Ramadan concessions, acquired operational control of South Ramadan and negotiated new gas pricing at Amal.
PICO International Petroleum (PIP) establishes an affiliate company, Cheiron Petroleum Corporation (Cheiron) to pursue opportunities beyond borders and is awarded a services contract in the area of Altamira in Northern Mexico. On the local front, the Group acquired a further 25% in the Zaafrana field from Anadarko Petroleum.
The Group is awarded the West Tawila exploration concession in the GoS and extends its Amal, Gemsa and South Ramadan concessions. Meanwhile, the Group’s diversification drive lead to gas facilities being commissioned at Amal on the local front while internationally the Group is awarded five royalty concessions in Romania.
The Group negotiates the migration of its Mexican service agreement into a PSC and extends its licenses in Romania. On the local front the Group acquires SK share in the Zaafarana concession and signs an Amal gas sales agreement; meanwhile its Horus concession expires.
Completed the first phase of the Amal development plan and awarded 100% of the North Magawish concession.
The Group expands its local footprint with the acquisition of two new fields in North Bahareya and West El Burullus , adding new basins to its asset base. Meanwhile a new Board of Directors is established with increased governance responsibilities, as opposed to a previous role limited to advisory.