The Clap:
KSA energy company Ades Holding has signed an agreement with state-owned Suez Oil Company (SUCO) to establish a new jack-up drilling rig in the Suez Canal at a SAR 185 million (EGP 2.34 billion) investment ticket.
The details:
The two-year contract is part of a wider ten-year service agreement with SUCO and Offshore Shukeir Marine Oil (OSOCO) that will expand output from two brownfields in Egypt.
What’s next?
Ades said back in March it plans to invest USD 30 million in SUCO and USD 36 million in OSOCO in the first three years of the pact, and the consortium will hold up to 72% of additional output from the project, which is set to kick off in July.
