Vegas Oil and Gas

Vegas Oil and Gas S.A. is a petroleum exploration and production company associated primarily with Egypt. The company is described as being headquartered in Athens while conducting much of its operational activity from Maadi, a suburb of Cairo. Its business covers petroleum and natural-gas exploration, development and production through interests in concession partnerships rather than through a broad consumer-facing product portfolio. The company has been described as wholly owned by the Vardinogiannis family. It operates through a portfolio of exploration and production assets in Egypt, with additional assets or interests reported in the United States and Yemen. Its Egyptian portfolio has included concessions in the Gulf of Suez and the Western Desert, areas that are important to the country's hydrocarbon industry. Vegas held a 50 percent interest in, and operated, the Northwest Gemsa concession. Circle Oil held 40 percent and Sea Dragon Energy held the remaining 10 percent. Oil production from Northwest Gemsa was reported to have reached a peak of approximately 9,000 barrels per day. Gas associated with the field was reportedly flared because the volumes were considered too low, and therefore uneconomic, for commercial recovery at the time described in the reference material. The company also held a 35 percent interest in the Alam El Shawish West concession. Shell Egypt was identified as operator with a 40 percent interest, while GDF Suez held 25 percent. In the Western Desert, Vegas operated the East Ghazalat concession and held 50 percent, with TransGlobe Energy Corporation holding the other half. In August 2013, Vegas announced the discovery of oil, gas and condensate in Egypt. This announcement represented an exploration milestone and illustrated the company's strategy of participating in technically and commercially significant upstream projects through joint ventures with international energy companies. Available reference material does not establish a current operating status, a public listing, a current website, financial performance, leadership roster or the ultimate structure of any later asset transactions. Accordingly, Vegas Oil and Gas is best characterized here as an upstream energy company with a historically documented Egyptian exploration and production portfolio, while unresolved current-status details require further verification.

Vegas Oil and Gas S.A. is documented as an upstream energy company based in Egypt, with its corporate headquarters described as being in Athens and its principal operational base in Maadi, Cairo. The company focused on petroleum and gas exploration and participated in the development and production of hydrocarbon resources through concession interests and joint ventures. The company was described as wholly owned by the Vardinogiannis family. Rather than operating as a widely diversified integrated oil major, Vegas was presented as an exploration and production group whose activities were organized around specific licenses and partnerships. Its reported asset footprint included interests in Egypt, the United States and Yemen, although the available reference material provides substantially more detail about its Egyptian operations than about the non-Egyptian assets. One of the company's principal interests was the Northwest Gemsa concession. Vegas held half of the concession and acted as operator. Circle Oil held a 40 percent participating interest, and Sea Dragon Energy held the remaining 10 percent. Production from the concession was reported to have reached a peak of about 9,000 barrels per day. The field also produced gas, but the available account states that all gas was being flared because production volumes were too small and economically unattractive for development or commercial utilization at that point. Vegas was also a minority partner in the Alam El Shawish West concession. Its interest was 35 percent. Shell Egypt served as operator and held 40 percent, while GDF Suez held the remaining 25 percent. This arrangement placed Vegas alongside large international energy companies in an exploration and development project in Egypt. In the Western Desert, the company operated the East Ghazalat concession and held a 50 percent interest. TransGlobe Energy Corporation held the other 50 percent. The concession illustrates Vegas's role as both an asset owner and an operator, rather than solely a passive financial participant. A further exploration milestone occurred in August 2013, when Vegas announced a discovery containing oil, gas and condensate in Egypt. The announcement reflected the company's upstream exploration strategy and its participation in Egypt's continuing efforts to identify and develop domestic hydrocarbon resources. The available reference material does not provide a verified founding date, named executives, financial statements, public-market information or a confirmed current operating status. It also does not establish whether the reported concessions remained in the company's portfolio after the period covered. The historical record therefore supports describing Vegas Oil and Gas as an Egypt-oriented exploration and production group, but not making claims about its present ownership, assets or activities beyond the documented information.

• 2013

  Egyptian oil, gas and condensate discovery announced

  [1]Vegas Oil and Gasen.wikipedia.org

  Vegas Oil and Gas announced the discovery of oil, gas and condensate in Egypt in August 2013.

An upstream oil and gas exploration and production company focused particularly on Egyptian concession interests and partnership-operated assets.

• Oil and gas concession

  Northwest Gemsa concession

  An Egyptian upstream concession in which Vegas Oil and Gas held a 50 percent interest and served as operator. Circle Oil held 40 percent and Sea Dragon Energy held 10 percent. Oil production was reported to have peaked at approximately 9,000 barrels per day. Associated gas was reportedly flared because the available volumes were uneconomic to develop.

• Oil and gas concession

  Alam El Shawish West concession

  An Egyptian exploration and production concession in which Vegas held a 35 percent participating interest. Shell Egypt was identified as operator with 40 percent, and GDF Suez held 25 percent. The project placed Vegas in a joint venture with major international energy companies.

• Oil and gas concession

  East Ghazalat concession

  A Western Desert concession operated by Vegas Oil and Gas, which held a 50 percent interest. TransGlobe Energy Corporation held the remaining 50 percent. The asset formed part of Vegas's Egyptian upstream portfolio.

1. 1Vegas Oil and Gasen.wikipedia.org