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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 .


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