Energean, a London-based independent exploration and production company, is advancing the consolidation of its Abu Qir, North El Amriya (NEA) and North Idku (NI) concessions into a single concession framework, according to the company’s release.
This consolidation will support a new investment program of up to $150 million over the next four years to increase production and unlock further development and exploration opportunities in Egypt, Energean said.The new concession will also include two new exploration areas in the Abu Qir deep horizon and open acreage adjacent to Energean’s current development leases.
The program comprises the drilling of six wells within the new concession spanning over an area of 700 square kilometers (km²). It also includes applying new Ocean Bottom Node (OBN) seismic acquisition and reprocessing of existing 3D seismic data to enhance subsurface imaging and support the identification of future development and exploration opportunities.
“Egypt is a core country for Energean and an important part of our long-term growth strategy. The progress we are making on the concession merger represents an important step towards unlocking the next phase of investment and growth from our Egyptian assets,” said Mathios Rigas, CEO of Energean.
According to Energean, the new concession framework is expected to provide improved fiscal and commercial terms, including enhanced gas pricing, extending the economic life of company’s existing assets and supporting further development and exploration.
“Our ambition is to double production from our Egyptian portfolio over the following decade, investing in our existing assets while progressing new development and exploration opportunities,” said Rigas.
The program, subject to exploration success, could add up to 50 million barels of oil equivalent (mmboe) in aggregate and double production over the following decade.
The new exploration acreage is estimated to contain more than 4 trillion cubic feet (tcf) of exploration potential, including approximately 3 tcf of gas in the deep horizon.
Energean and the Egyptian General Petroleum Corporation (EGPC) have reached agreement on the main concession terms, with the necessary formal and regulatory processes progressing.
This development follows progress made by the Egyptian Government and EGPC in settling outstanding receivables. Historical dues have been settled in June, and current dues are being paid regularly.
“We welcome the significant progress made by the Egyptian Government and EGPC in addressing outstanding receivables. Historical dues have been substantially settled, payments are being made regularly and our net receivables are now at their lowest level since 2020,” said Rigas.
He added that, “Settling dues, coupled with constructive cooperation with Egyptian authorities and improved concession terms, has strengthened confidence and laid a firmer foundation for sustained international investment in Egypt’s energy sector.”
Energean owns 100% of the North El Amriya (NEA) and North Idku (NI) concessions, but they are operated through joint‑venture companies under Abu Qir Petroleum’s management. Energean also holds a 100% working interest in the Abu Qir concession, one of the oldest producing gas areas in Egypt’s Mediterranean shallow water
