An official at the Egyptian Natural Gas Holding Company (EGAS) stated to Egypt Oil&Gas that EGAS awarded three new concession agreements to Italian Eni’s Egyptian joint venture, International Egyptian Oil Company (IOEC), UK’s BP, and French Total to operate in the North El Hammad, North El Tabya Offshore, and North Ras El Esh areas. The deals are worth $220m in total investments.
Eni is the operator of the North El Hammad block as the agreement gave IOEC 37.5% stake in the block, while BP participates with another 37.5%, and French Total with 25% stakes, cording to a press release published on Eni’s website.
North El Hammad block covers an area of 1,927 km2 and it is located to the west of the Abu Madi West and Baltim-Baltim South development areas. The agreement in North El Hammad alone is worth $80m investments.
Eni further signed to own 50% participation stake in the North Ras El Esh block, operated by BP with another 50% interest. The North Ras El Esh block covers an area of 1,389 km2 and it is located southwest of the development areas of Temsah and Port Fouad. The investments according to the agreement are estimated at $75m.
The third agreement was signed with BP for North El Tabya with investments at $65m.
The signing of the three agreements came as a result of the tender launched by EGAS in 2015.
