Gaz de France has has bolstered its position in Egypt’s upstream sector.
The company said today it acquired a 45% stake in the Alam El Shawish West licence from Vegas Oil & Gas.
The area covers 1075 square kilometres in the Abu Gharadig basin in Egypt’s western desert, about 250 kilometres south-west of Alexandria.
Vegas Oil & Gas will remain as operator of the licence.
GdF said: “Gaz de France will thus increase the security and diversification of its E&P portfolio. In light of recent oil and gas discoveries in Egypt, this country is of great interest for European and even American supplies.”