Oman’s Petrogas has taken a 30% stake in onshore Area A, in Egypt, from Australian plyer Oil Search, as the Omani company boosts its presence in North Africa.
A Petrogas statement said it signed an agreement last week to acquire the stake in Area A with the block’s owner, Oil Search, in a deal comprising two exploration concessions and four development leases located along the western side of the Gulf of Suez.
“Petrogas considers the deal to be a strategic move toward establishing an (exploration and production) business in Egypt and North Africa, and an opportunity to partner Oil Search in this and perhaps other ventures,” the statement said, without giving financial details of the agreement.
Petrogas, a unit of Oman-based MB Holding, has operations in Oman and India.

(Upstream Online)