Following an international bidding round, Norway’s Statoil ASA has been offered an operating 80% stake in a deepwater block off Egypt, Block 10, in the Mediterranean Sea.
The new award of Egyptian exploration acreage came just three weeks after the Norwegian group was allocated the operatorship and an 80% of Block 9 in the same waters.
The remaining 20% working interest in Block 10 has been given to Sonatrach International Petroleum Exploration & Production (Sipex), a wholly-owned subsidiary of Algerian state oil and gas company Sonatrach.
“We’re very satisfied with this. It gives us an even better foothold in a promising oil and gas region, and is in line with our North African strategy,” said Geir Richardson, exploration manager for Egypt and Libya of Statoil.
Blocks 9 and 10 cover areas of 8,368 and 9,802 square kilometers respectively and their water depths are between 1,000 and 3,000 meters.
(Upstream Online & Oil Egypt)