Egypt's state gas company EGAS announced the result of the 2015 international exploration Mediterranean bid round, with blocks awarded to BP, Eni, Edison and Total.
In total, four blocks were awarded, with a total investment of US$306 million and a signing bonus of $10.5 million to drill eight wells, and conduct 3D seismic survey, according to Egypt Oil & Gas.
In an official statement, EGAS chairman Khalid Abd Al-Badie said Block 4 North Ras El Esh was awarded to BP and ENI affiliate International Egyptian Oil Company (IEOC).
In addition, IEOC, BP, and Total were awarded Block 7, in the North El Hammad area. Italy’s Edison was awarded block 12, Northeast Hapi, and BP was awarded block 12, North El Tabia.
EGAS' chairman added that the offers made represented a good turnout in light of the challenges posed by declining crude oil prices worldwide in the current period.