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Thursday, October 8, 2015
Egypt awarded four new licenses for exploration blocks offshore the country in the Mediterranean. International firms BP and ENI picked up stakes in more than one of the blocks on offer.
According to an EGAS statement, one license was awarded to BP and one to Edison. A consortium made up of BP and ENI picked up a block and another consortium made up of ENI, BP and Total awarded the fourth license.
The EGAS statement said the new concessions would see the companies making total investments of at least $306 million, conducting seismic studies, and sinking eight discovery wells.
Companies that were not successful in this EGAS round will have another chance to gain acreage as the state-run gas firm plans to hold another round in H1 2016.
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