EGAS announced the result of the 2015 international exploration Mediterranean bid round, reported Egypt Oil & Gas.
The results include four bids for four blocks in the Mediterranean, with a total investment of $306m and a signing bonus of $10.5m to drill eight wells, and conduct 3D seismic survey.
These details came in a report received by Tarek El Molla, Minister of Petroleum and Mineral Resources, from EGAS Chairman Khalid Abd Al-Badie.
In an official statement Abd Al-Badie explained that the block 4 North Ras El Esh was awarded to BP and 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 represent a good turnout in light of the challenges posed by declining crude oil prices worldwide in the current period.