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Eni inks Egypt concession duo

Written by  OE Staff Tuesday, 27 December 2016 13:21

Eni signed two new concession agreements for the North El Hammad and North Ras El Esh, in the shallow waters in Egyptian Mediterranean Sea, as a result of the EGAS 2015 international bid round.

Eni is the operator of the North El Hammad block with 37.5% stake, in participation with BP, (37.5%), and Total (25%). 

The block, which covers an area of 1927sq km, is to the west of the Abu Madi West and Baltim-Baltim South development areas, where Eni recently made the significant discoveries of Nooros, in production since August 2015 and Baltim South West.

Moreover, Eni has a 50% participation stake in the North Ras El Esh block, operated by BP with an equity of 50%. The block, which covers an area of 1389sq km, is southwest of the development areas of Temsah and Port Fouad.

The two new concession agreements follow the recently awarded blocks of Shorouk, Karawan and North Leil in the deepwaters of the Egyptian Mediterranean. 

“They strengthen Eni’s portfolio and positioning in Egypt, a country of historic and strategic importance, and further confirm the company’s commitment to pursue new exploration after the recent and important successes of Nooros, Zohr and Baltim South West, made in 2015 and in 2016,” Eni said in a statement.

Eni has been present in Egypt since 1954, operating through its subsidiary IEOC. The company is the main producer in the country with an equity of approximately 224,000 boe/d at year-end 2016.

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