Petroleum Africa
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Thursday, December 29, 2016
ENI signed two new concession agreements with the Egyptian government for gas exploration. The agreements were for the North El-Hammad and the North Ras El-Eshlocated in the shallow waters of the Mediterranean.
On the North El-Hammad block, the agreement gives ENI a 37.5% stake where it will be partnered with BP and Total. The company will hold a 50% stake in the North Ras El-Esh block where BP will be the operator holding the remaining 50% stake.
“They [the two new fields] strengthen ENI’s portfolio and positioning in Egypt, a country of historic and strategic importance, and further confirm the company’s commitment to pursue new exploration after the recent and important successes of Nooros, Zohr and Baltim South West, made in 2015 and in 2016,” the company said in a statement.
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