Italy’s biggest utility Enel and French giant Total have won an offshore exploration licence in the Nile Delta area, Enel said.
Total will have a 90% stake in the joint venture at the El Burullus block and will be operator, Enel said. Enel will hold the remaining 10% interest.
El Burullus covers 2516 square kilometres and lies about 70 kilometres off the Egyptian coast. Water depths at the block range from 100 to 1600 metres.
The initial exploration stage will last four years and will include a 3D seismic survey and exploration drilling.
Enel said the project would help it get direct access to strategic supply sources, while a new co-operation agreement with Egyptian Electricity Holding Company will pave the way for new projects in energy efficiency and renewable energy.