Each company will have a 5 percent stake in the 3,200 square kilometres (1,236 square miles) concession located off Port Said, BP’s North Africa manager Karim Alaa said.
“The EGY-MED-E5 block – in which bp and Eni, the operator, each hold a 50% interest – reflects and reaffirms our commitment to invest in developing and finding new gas supplies for Egypt.” Alaa said.
For Eni, the company said it has been awarded five new exploration licences. The licenses, four of which as operator, are in the Egyptian offshore and onshore, and follow the successful participation to the 2021 competitive “Egypt International Bid Round for Petroleum Exploration and Exploitation”. The bid was previously announced by the Egyptian General Petroleum Corporation and the Egyptian Natural Gas Holding Company through the Egypt Exploration and Production Gateway.
“The licences are located in the Eastern Mediterranean Sea (Block “EGY-MED-E5” in partnership with BP 50 percent-50 percent and Block “EGY-MED-E6” IEOC 100 percent), in the Gulf of Suez (Block “EGY-GOS-13” IEOC 100 percent) and in the Western Desert (Blocks “Egy-WD- 7” in partnership with APEX 50 percent -50 percent and “EGY-WD-9” IEOC 100 percent) with a total acreage of about 8,410 sqkm.” Eni statement read.
The Italian company added that the licences are placed within prolific basins with proved petroleum systems able to generate liquid and gaseous hydrocarbons and can also rely on nearby existing producing and processing facilities and “on a demanding market that will allow a quick valorization of the potential exploration discoveries.”
The bid results are aligned with Eni’s strategy to keep exploring and producing gas to sustain the Egyptian domestic market and contribute to LNG export, thanks to the recent restart of the Damietta LNG plant.