Gemsa Petroleum Company (Gempetco) was formed in April 4, 1989 in accordance
with the concession agreement issued by Law No. 44/1984 as amended by LAW
No. 8/1988 as operating company after the commercial discovery declared in
the Eastern District of Gemsa in the Area of Suez Gulf referred to in
Article VI of the agreement between A.R.E., the Egyptian General petroleum
Corporation (EGPC), and Shell Egypt. Effective July 1st. 1995, Shell
assigned all its rights in this concession to Pico International Petroleum
Services Panama (Pico) which becomes Pico Gemsa petroleum Company effective
April 18, 2007 .
Zaafarana Oil Company (Zafco) was formed in January 1993 in accordance with
the Concession Agreement issued by Law No. 25/1989 as an operating Company
after the commercial discovery declared by B.G. in the area covering
Zaafarana Concession Agreement in the western side of the north part of the
Gulf of Suez. On
December 18, 1999, The Minister of Petroleum agreed on the assignment of B.G.
concession agreement in which all its rights and obligations were assigned
to Pico International Petroleum Panama S. A. and Middle East Gas Energy
Association in the Offshore North Area of Zaafarana. The Minister of Petroleum issued a decree No. 277/ 2000 dated March 14, 2000
to assign Gemsa Petroleum Company (Gempetco) Chairman and Board Members as
Zaafarana Oil Company (Zafco) Chairman and Board Members representing the
Egyptian Part, in addition to their responsibilities, and Gemsa Petroleum
Company to operate as subcontractor in Zaafarana Concession Area .