MENA pitches to operate Egyptian concession

Offshore staff

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.


Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...