PICO Cherion Petroleum Group operates a significant asset base with Gross 3P reserves of over 110 million barrels of oil equivalent across three countries.

Select a highlighted region on the map to view asset details.*

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Mexico – Altamira

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The Altamira field is a heavy oil, mature and shallow onshore reservoir in the contractual area of the same name in Northern Mexico. The service contract for the exploration, development and production of hydrocarbons at Altamira was awarded to PICO Cheiron’s Mexican subsidiary in 2012.

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Romania – Oporelu-Constantinesti, Silistea-Magureni, Chislaz, Cosesti and Cosminele

PICO Cheiron has 116 mmboe of oil and gas in place (OOIP) across very mature fields in Romania that have been shut down for nearly 20 years. The five concessions are mainly small-size onshore “brown” oil and gas fields. Oporelu-Constantinesti, Silistea-Magureni, Cosminele and Cosesti are located in South Central Romania while Chislaz lies in Northwestern Romania. PICO Cheiron owns 51% of these concessions, with plans of implementing a very aggressive development program to capture significant EOR potential.

North Zaafarana

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The Group assumed operations at Zaafarana in 1999 after it acquired 60% of British Gas’s 50% share in the concession. In 2010 the company acquired a further 25% share from Anadarko Petroleum and currently operates the Concession with an interest of 80% (with Sahara O&G holding the remaining 20%). At a depth of 57 meters, the site’s infrastructure includes eight wells operated by electrical submersible pumps (ESP) as well as the only Floating Production, Storage and Offloading (FPSO) vessel in the region, with a capacity to process and store 800,000 bbls of crude. The concession’s production sharing agreement stipulates a cost oil of 40% and a profit oil of 20%.

Zaafarana

 

Amal

Acquired in 1994 from Total, the Amal field is located offshore in the southern province of the Gulf of Suez, approximately 15 km southeast of BP’s Morgan Oil Field. PICO Cheiron owns 100% of this concession. The concession’s production sharing agreement stipulates a cost oil of 40% and a profit oil of 20%.

Amal

 

South Ramadan

PICO Cheiron owns a 37.25% stake in the South Ramadan Concession which is located in the southern province of the Gulf of Suez, 15 km northeast of the Ras Shukeir Field Base. The site includes two platforms and two production lines, with a terminal at Ras Gharib used to store crude oil. Contingent resources at the South Ramadan concession are estimated at a total of 13.56 mmbbls. The concession’s production sharing agreement stipulates a cost oil of 30% and a profit oil of 22%.

North Magawish

Awarded in 2015, the North Magawish concession is located offshore in the southern province of the Gulf of Suez. The acquisition was completed as part of the Group’s expansion drive and despite the declining oil environment. PICO Cheiron owns 100% of the concessions. Prospective resources at the North Magawish concession are estimated at a total of 4.21 mmbbls.

East Gemsa

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The South East Gemsa oil field is located offshore in the southern province of the Gulf of Suez, at a water depth of 20 meters. South East Gemsa was the first oil field discovered in Egypt in 1869. PICO Cheiron owns 100% of this concession, which it acquired in 1995 from Shell. The concession’s production sharing agreement stipulates a cost oil of 40% and a profit oil of 19%.

Gemsa

 

West Tawila

The West Tawila Concession covers an exploration acreage located offshore in the Southern Gulf of Suez. The Group owns 100% of this concession. The concession’s production sharing agreement stipulates a cost oil of 35% and a profit oil of 22.5%.

Geisum & Tawila West

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The Geisum & Tawila West Concession is located at the southern entrance of the Gulf of Suez, and covers the North Geisum, South Geisum, Northeast Geisum and Tawila West fields. The site, which includes 87 wells, six offshore platforms, five production pipelines and an onshore storage facility, forms the center of the company’s production and storage hub. PICO Cheiron was awarded this concession by EGPC in 2007 and currently operates the Concession with a 60% interest, with KUFPEC owning the remaining 40%. The concession’s production sharing agreement stipulates a cost oil of 35% and a profit oil of 30%.

Geisum & Tawila

 

*We follow the Petroleum Resources Management System (PRMS) in our reserve classification/categorization.