Petroleum Africa
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Thursday, November 6, 2014
BP has been awarded two new exploration blocks in Egypt. The two blocks are the North El Mataria and the Karawan. BP will be partnered with Dana Gas on the North El Mataria and with ENI on the Karawan; both on a 50/50 basis.
The North El Mataria Block is located onshore Nile Delta and the Karawan is located offshore in the Mediterranean Sea.
BP and its partners are expected to invest about $240 million on the blocks. Exploration over the acreage will proceed over a period of six to eight years.
“Our expertise and latest technologies will be deployed for mutual benefit in these new blocks, which we believe have gas-bearing characteristics. Exploring the two blocks will require substantial investments to unlock their potential, and will be done as part of our commitment to meeting Egypt’s energy needs,” said Hesham Mekawi, BP North Africa Regional President.
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