Offshore Shukheir Oil Company (OSOCO) was formed on Sept. 24^th,1980 as an Egyptian company operating on behalf of its shareholders to operate the OFFSHORE SHUKHEIR AREA which is covered by the Concession Agreement for Petroleum Exploration and Production issued by Law 65/1973 and its amendments by Laws 138/1974 & 7/1978 . It was awarded to Transworld in 1973 ,farmed out to Total in 1979 and converted into exploitation lease since the commercial discovery of (Shukheir Bay-1) well on the 24^th of August, 1980.

After several changes in the Shareholders and their interests, OSOCO was operated for PETZED Investments, GRAYSTONE and PICO International companies that made some relinquishments splitting Shukheir Marine concession to Shukheir Bay area (5 km²) and Gamma area (35 km²)in addition to the General Petroleum Company ( GPC ) who received all rights of the Egyptian General Petroleum Corporation EGPC. Currently All contractors rights farmed out to PETZED Investments.

Shukheir Marine Concession is located offshore in the central part of the Gulf Of Suez, bordering the western coast between Shukheir Bay and Ras El-Dib , at the northern plunge of Gebel Zeit.
This concession lies nearly in the prolific central part of the Gulf Of Suez , in the vicinity of the giant fields of July, Ramadan, Morgan And Badri. The total area of the concession is 40 km².