Egypt has approved plans to develop the North Shadwan and South-East July concessions in the Gulf of Suez, Beach Petroleum, a partner in both projects, said.
Beach said in a statement that Egypt had granted operator BP permission to develop two of three discoveries in the North Shadwan concession. The third discovery is still being appraised by the Burtocal-2 well after oil was struck in the Nubia formation late last year.
Beach has recently farmed in to a 20% stake in the concession for $110 million under a deal with Tri-Ocean Energy. BP operates the concession with a 50% stake, while Tri-Ocean retains a 30% share.
The company said it was also in the process of farming in to the South East July concession under a deal with operator Santos. The concession also contains “several” prospects in an area surrounded by producing oilfields, Beach said.
Under the farm-in deal, Beach will earn a 20% stake, while Santos and Dana Gas will each hold 40%.
Beach, based in Adelaide, Australia, has been working to expand and diversify its assets internationally.
(Upstream Online)