CALGARY, Canada – MENA Hydrocarbons has agreed to take a 55% interest in an Egyptian offshore development lease, 60 km (37 mi) from the Mediterranean coast.
The offshore segment is part of a larger concession agreement in which MENA will acquire a 35% stake.
Five gas or gas-condensate discoveries have been made to date on the lease, which operates under standard commercial terms for Egyptian concessions.
The offshore development lease is valid for 20 years from the date of first gas deliveries, but has an optional five-year extension.
On completion of the $7.5-million acquisition, MENA will apply to serve as operator. The deal is subject to approval from the seller's joint venture partners, Egyptian General Petroleum Corp., and the Egyptian government.